WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.
BUFORD, GA. — Olympic Steel Inc. has opened a 120,000-square-foot metal processing facility in Buford. Olympic Steel will use the facility as its flat rolled fabrication hub. From the Buford facility, the metal will be moved to a property in Winder, Ga., where it will undergo first-stage metal processing and distribution. The Buford property is located at 3525 Gravel Springs Road, two miles from Interstate 85 and 37 miles northeast of downtown Atlanta. Olympic Steel plans to host an opening event and offer tours of the new facility later this year.
GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.
ATLANTA — Urban Realty Partners and Prestwick Cos. have broken ground on 982 Memorial Drive, a 205-unit multifamily community in Atlanta’s Reynoldstown neighborhood. The five-story property will offer studio and one-bedroom floor plans. The community will be located at 982 Memorial Drive, two blocks from the Atlanta BeltLine Eastside Trail and two miles east of downtown Atlanta. Patterson Real Estate Advisory Group arranged a construction loan through Principal Real Estate Investors and also procured a limited equity partner, Humphreys Capital, on behalf of the developers. A timeline for completion was not disclosed.
ATLANTA — Berkadia has provided a $16.2 million Freddie Mac refinancing loan for The Residences at City Center, a 182-unit affordable housing community in Atlanta’s Vine City neighborhood. The 10-year loan features a floating interest rate and five years of interest-only payments, followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom units that were recently renovated to include granite countertops, walk-in closets, stainless steel appliances and bay windows. Communal amenities include a pool, fitness center, laundry facilities, outdoor area with grilling stations and a dog park. The Residences is located at 55 Maple St. NW, adjacent to Mercedes-Benz Stadium. Andy Hill and Tyler Nowlin of Berkadia originated the loan on behalf of the borrower, Texas-based Domain Communities.
ATLANTA — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a 17,000-square-foot food and retail “collective” on the first floor and 18,000 square feet of loft offices on the second floor. The team will convert multiple warehouses on the property into 127,000 square feet of modern office space, as well as 250 multifamily units. Monday Night Brewing currently anchors the property with its 22,000-square-foot Monday Night Garage brewery and event space. Other tenants include Wild Heaven Beer, ASW Distillery, Cultured South Fermentation Co. and Hop City Craft Beer & Wine. All current tenants have been implemented into the master plan and will remain in their current spaces. The property is located directly along the Atlanta BeltLine’s Westside Trail, a 22-mile walking trail …
MACON, GA. — Watercrest Senior Living Group and its equity partners, Peninsula Alternative Real Estate and Corecam Capital Partners, have broken ground on Watercrest Macon Assisted Living and Memory Care in Macon. The community will feature 76 assisted living and 22 memory care units. Renasant Bank provided construction financing, and EMJ Corp. is serving as the general contractor. Watercrest Macon will be located within the Providence at Bass development, which offers residential, retail and dining establishments, as well as entertainment venues. Watercrest Macon is scheduled to welcome residents in summer 2021.
FAIRBURN, GA. — Greystone has provided a $17.8 million Fannie Mae refinancing loan for Cambridge Faire Apartment Homes in Fairburn. The 12-year loan features two years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower will use the funds to further upgrade the community. The 208-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, sports courts, dog park and a car wash area. The asset, which was built in 2001, is situated at 900 Meadow Glen Parkway, 21 miles southwest of downtown Atlanta. Keith Hires of Greystone originated the loan on behalf of the borrower.
PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.
NEW YORK CITY — Berkadia has arranged $22 million in equity for a six-property multifamily portfolio in Georgia and Florida. An undisclosed REIT partnered with the owner of the portfolio, Strategic Holdings. The four properties in Georgia are Belmont Crossing, a 192-unit complex in Smyrna; Sierra Terrace, a 135-unit community in Atlanta; Sierra Village, a 154-unit property in Atlanta; and Georgetown Crossing, a 168-unit asset in Savannah. The two properties in Florida are the 240-unit Park on the Square in Pensacola and the 328-unit The Commons in Jacksonville. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of New York City-based Berkadia arranged the equity partner on behalf of the owner. Strategic Holdings acquired the properties from 2016 to 2019 and plans to use the funds to target more acquisitions throughout the Southeast.