SunTrust Originates $8.2M Acquisition Loan for Apartment Property in South Georgia
VALDOSTA, GA. — SunTrust Banks has originated a $8.2 million bridge loan for the acquisition of Fields of North Valdosta, a multifamily property located at 480 Murray Road in Valdosta. The pet-friendly property features 113 two-bedroom units, ranging in size from 970 square feet to 1,200 square feet. Units include air conditioning, dishwasher, disposal, plush carpeting, walk-in closets and washer/dryer connections. Community amenities include a clubhouse, playground, swimming pool and volleyball court.
Evan Hom of SunTrust CRE’s New York office originated the 36-month, floating-rate loan that features interest-only payments for the undisclosed borrower.