Atlanta’s Mercedes-Benz Stadium Looms over $32M Multifam
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.