ROSWELL, GA. — New York-based Eastern Union has secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Michael Muller of Eastern Union arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties.
With a full sale price of $87.5 million, the transaction’s loan-to-cost ratio equaled 81 percent. The non-recourse loan carries a three-year term with options for two one-year extensions, and repayment is interest-only over its full term.
Built in 1965 and renovated in 2016, The Crest at Riverside was rebranded to Grace Apartment Homes Roswell. The property offers one-, two- and three-bedroom floorplans with 18 one-bedroom units that are 882 square feet in size; 247 two-bedroom units that range from 1,258 to 1,408 square feet in size and 131 three-bedroom units that range from 1,290 to 1,408 square feet in size. Unit features include white or stainless steel appliances, laminate or solid surface counters, wood cabinets and tile backsplashes. Community amenities include two pools, business center, fitness center, playground, grills and a pet park. The property was 96 percent occupied at the time of sale.
Located at 100 Chattahoochee Circle, the 518,460-square-foot property is situated 20.4 miles north of downtown Atlanta, about 1.7 miles from the Chattahoochee River and 30.5 miles from Hartsfield-Jackson Atlanta International Airport. The property is also situated near restaurants such as Salt Factory Pub, Crazy Love Coffee House and Olive Garden.