American Street Capital has arranged an $8.1 million loan to refinance a multifamily property in Riverdale, GA.
Located approximately 13 miles from downtown Atlanta, the community was built in 1972 and renovated in 2019. The 20-building community is located on nearly 14 acres and consists of 110 two-bedroom units and 40 three-bedroom units. Amenities at the community include 276 surface parking spaces, a laundry facility, playground and an on-site property manager.
Edward Streit of ASC originated the loan on behalf of the undisclosed borrower. The loan was placed with a correspondent agency lender and retired the existing agency debt. Terms of the financing included a non-recourse, 12-year fixed term with two years of interest-only payments on a 30-year amortization schedule.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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