JONESBORO, GA. — American Street Capital (ASC) has arranged a $17.3 million bridge loan for Flint River, a 200-unit multifamily community located in Jonesboro, about 18.3 miles south of downtown Atlanta. Thorofare Capital, a correspondent debt fund lender, provided the loan to the undisclosed current owner of Flint River.
Built in 1971, Flint River Apartments includes 17 buildings on 13 acres with a mix of one-, two- and three-bedroom apartments. Community amenities include a putting green, swimming pool, playground, leasing office, laundry facilities and 353 surface parking spaces. The property was 85 percent occupied at closing.
Under the previous ownership, one of the buildings in the property burned down. Igor Zhizhin of ASC originated the non-recourse bridge loan that included a three-year, interest-only term and supported the sponsor’s entire capital improvements plan, including rebuilding the burned down building. Planned improvements include an upgraded leasing office and fitness center.