Miami, FL-based Aztec Group has secured a $31.8 million acquisition loan for Residences at City Center, a 182-unit multifamily in Atlanta adjacent to the $1.5 billion Mercedes-Benz Stadium.

Brell Tarich and Charles Penan with Aztec Group worked on behalf of borrower AWP Real Estate.

The non-recourse 75% loan-to-value loan for the value-add 1993-constructed property features an interest only payment structure at a sub 3.50% rate and provides funding for 100% of the owner’s capital improvement plan. The loan was provided by an institutional debt fund and was closed in less than 30 days.

“The property was stabilized at acquisition, but AWP identified a tremendous value-add opportunity via upgrades to unit interiors and rolling old leases to market in a tight submarket experiencing 20% rent growth,” said Penan.