Source: RealtyMogul.com / #RealEstate #Finance
ATLANTA, GA - RealtyMogul.com, the online marketplace for real estate investing, announced it has originated a bridge loan for $49 million to facilitate the acquisition of the Metropolitan at Buckhead Apartment building located in Buckhead, Georgia (an Atlanta suburb).
The sponsor, Elite Street Capital, has extensive rehabbing plans for the building. The bridge loan was structured with a capital expenditure and interest reserve, to allow the sponsor to execute its renovation plan.
“We were excited to partner with Elite Street Capital to originate the largest online marketplace bridge loan for a commercial real estate transaction,” said Jilliene Helman, CEO of RealtyMogul.com. “As a marketplace leader, this deal demonstrates not only our ability to attract quality sponsors, but also our capability to execute on large-balance loans. RealtyMogul.com saw this transaction as an opportunity to finance a property located in a Class A submarket with a defendable basis and a clear path to stabilization.”
The Metropolitan at Buckhead is a 431-unit, Class B apartment building located across from Lenox Mall in Atlanta. The property is conveniently located within walking distance to Lenox Square, Phipps Plaza and the Lenox MARTA station. The property’s amenities include two pools, a fitness club, a coffee bar with Wi-Fi, and 24-hour emergency maintenance services.