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ARC Pays $52M for Atlanta-Area Rental Community
CBRE has arranged a $34.2 million senior loan and a $11.7 million preferred equity investment to finance the acquisition of The Preston, a 334-unit apartment complex in McDonough, Georgia, approximately 30 miles southeast of downtown Atlanta.
Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, ARC Multifamily, which purchased the property for $52.375 million. The senior loan was secured through Fannie Mae, and Related Fund Management provided the preferred equity.
CBRE’s Blake Cohen added, “We looked at several different financing scenarios, but the senior loan plus preferred equity structure was ultimately the most accretive execution from a leverage and blended cost of capital standpoint.”
Located at 100 Preston Creek Dr., The Preston was built in 2001 and includes a mix of one-, two-, and three-bedroom units ranging from 767 square feet to 1,794 sq. ft. Community amenities include two pools, a grilling area, a business center, and a resident lounge.
- ◦Development
- ◦Financing
