ATLANTA — Mesa West Capital has provided $92.5 million in bridge financing for the acquisition and repositioning of Magnolia Vinings, a 400-unit multifamily property in Atlanta’s Vinings district.
Michael Riccio of CBRE Capital Markets Debt & Equity Finance arranged the financing on behalf of an undisclosed institutional real estate private equity fund. The four-year loan included interest-only payments and a floating interest rate. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996.
Magnolia Vinings is a garden-style apartment building that was 98 percent occupied at the time of the financing. The property offers one-, two- and three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers nine-foot ceilings, walk-in closets and stainless steel appliances. Renovated units feature quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, clubhouse, fitness center, cyber lounge and a bocce ball court.
Located at 2151 Cumberland Way on 21.6 acres, the property is 3.2 miles from The Battery Atlanta and Truist Park, the home ballpark of the Atlanta Braves.