Greystone Facilitates $36.5 Million Sale and Financing of Multifamily Portfolio in Cobb County, Georgia
December 3, 2019
Category: Bridge, Multifamily
Greystone announced it has provided a $30 million bridge loan, as well as arranged the $36.5 million sale, of a three-property multifamily portfolio consisting of 490 units in Cobb County, Georgia. The seller, HKP Austell, LLC, was represented by the Greystone Brown Real Estate Advisors team of Taylor Brown, Chandler Brown, Barden Brown, and Walter Miller. Leor Dimant, vice president in Greystone’s New York office, originated the acquisition financing on behalf of the buyer.
The three garden-style properties are adjacent to one another in the Cobb County town of Austell. Built in 1988, Hunter’s Grove comprises 200 units averaging 952 square feet. Kingsley Village, which was built in 1974, includes 146 units averaging 1,066 square feet, with washer/dryer connections in all two- and three-bedroom floorplans. Parkview Apartments was built in 1971 and features 144 units with floorplans averaging 1,059 square feet. Desirable Cobb County offers convenient access to major state highways, nearby industrial parks, and Six Flags Over Georgia.
“We are proud of our team’s efforts in a very successful marketing of these assets with a smooth closing and a positive outcome for both the buyer and seller,” said Taylor Brown. “With such a deep bench of resources, clients know they can trust Greystone to execute even the most complex of transactions seamlessly.”
“Greystone’s extensive financing platform means that our team can get creative in bringing transactions to a quick close, which benefits everyone in a changing market,” said Mr. Dimant. “We are thrilled that the new owner can begin to realize their vision of this portfolio of properties while we continue with our permanent exit lending process to get them long term financing in the months that follow.”