RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed.
Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt.
Built in 1972 and renovated in 2019, River Ridge is a 20-building community, with 110 two-bedroom and 40 three-bedroom apartments. The market-rate property is located at 235 Roberts Drive, approximately 7.4 miles from Hartsfield-Jackson Atlanta International Airport. Community amenities include 276 surface parking spaces, a common laundry facility, playground and an onsite property manager.