American Landmark Secures $ 76 Million Loan for 2 Apartment Buildings in Atlanta Area
Newmark provided just over $ 76 million in agency debt to Iconic American Apartments (ALA) to help finance the company’s acquisition of two apartment complexes in Marietta, Georgia, Commercial Observer has learned.
the Freddie macfinancing backed by a variable rate facilitated the purchase by ALA of the mounds and Crossings in Marietta, a suburb north of Atlanta, TerraCap management. Both properties will be renamed Everette at East Cobb and The Franklin at East Cobb, respectively, and ALA will undertake a value-added program on both assets.
Newmark Multi-Family Capital Markets‘ Henri Stimler, Bill Weber and Matt Mense, next to Osman Baig, is at the origin of the debt of ALA, while that of Newmark Dave gutting and Derrick Bloom negotiated the sale between the two parties.
Both assets were built in 1985 and feature one, two and three bedroom units, according to Newmark. Everette at East Cobb is located 1675 Roswell Road in Marietta and sports a mix of 312 multi-family residences, while The Franklin at East Cobb is a 380-unit complex in 875 Franklin Gateway SE.
Amenities at Everette include outdoor grilling areas, a swimming pool with a sun terrace and a poolside fireplace, an outdoor kitchen area, a lounge area, a fitness center and a children’s park. dogs. The Franklin gated complex includes a central lodge, business center, fitness center, swimming pool and terrace, pet park, playground, barbecue and playground. picnic for residents.
The properties are located approximately 16 miles northwest of downtown Atlanta, just east of downtown Marietta, and they are surrounded by a multitude of food and beverage outlets, including grocery stores and parks. They are also approximate to Kennesaw State University‘s Marietta Campus and a range of Job Engines.
Monthly rents for the two properties range from around $ 1,000 for one-bedroom apartments to $ 1,500 for three-bedroom residences, according to information from the properties’ respective websites.