ASC Secures $8M Refinancing for Riverdale MF Property
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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.