CBRE Fund Closes $37M Loan for 236-Unit Atlanta Multifamily

A fund sponsored by CBRE Investment Management has closed on a $37.2 million mortgage loan to facilitate TerraCap Management’s acquisition of Enclave at Roswell, a 236-unit multifamily in Atlanta’s North Fulton submarket.

The floating rate loan has an initial term of four years, which can extend up to one additional year, and features future funding for TerraCap’s planned renovations. Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.

“This loan provided our firm with an opportunity to lend on a well-located property at an attractive basis, in addition to working with an established sponsor in TerraCap, which has previous operating history in this particular submarket,” said Charles Kim, managing director for CBRE Investment Management. “We believe that with the new owner’s targeted capital improvements, coupled with the strong submarket fundamentals, there is an opportunity for material rent growth while maintaining high occupancy levels at the property.”