Lument Provides $17.5M Refinancing Loan for Multifamily Community in Midtown Atlanta
ATLANTA — Lument has provided a $17.5 million proprietary bridge loan to refinance The Peach, a recently renovated, 68-unit high-rise apartment community in Midtown Atlanta. R.J. Guttroff of Lument led the transaction. The loan features a two-year term with two six-month extension options, along with a floating interest rate. The sponsor was not disclosed.
Originally built in 1964 as an office building, The Peach underwent a renovation earlier this year to reposition the property to multifamily. The Peach offers one- and two-bedroom floor plans with a monthly rent range of $1,525 up to $6,500, according to Apartments.com. Unit features include luxury flooring, stainless steel appliances, wood cabinetry, in-unit washers/dryers and patio and balconies with views of Atlanta’s Midtown and Buckhead neighborhoods. Community amenities include a business center, conference rooms and a pet play area.
Located at 1655 Peachtree St. NE, The Peach is located less than a half-mile from Savannah College of Art and Design (SCAD), 1.6 miles from the Georgia Tech campus and 3.2 miles from downtown Atlanta.