PENDERGRASS, GA. — CBRE has arranged a $62.4 million acquisition loan for The Blakely, a 420-unit apartment community being built in phases in Pendergrass, about 57 miles northeast of Atlanta. ARC Multifamily Group is purchasing the partially developed community from developer Green River Builders for $88.4 million. The buyer is under contract to acquire each phase of The Blakely once it receives a certificate of occupancy. Charlie Clark and Blake Cohen of CBRE’s Debt & Structured Finance team arranged the bridge loan through an unnamed life insurance company on behalf of ARC Multifamily Group.
Upon completion, The Blakely will include a mix of one-, two- and three-bedroom units ranging in size from 855 to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.