A fund sponsored by CBRE Investment Management has closed on a $38-million mortgage loan to finance the purchase of Crestmont Apartments in Marietta, GA. The floating-rate loan has an initial term of four years, can extend up to one additional year, and features future funding to finance the sponsor’s business plan.

CBRE’s Robert Kadoori and C.J. Kelly arranged the loan on behalf of TerraCap Management.

“Crestmont Apartments has benefited from recent renovations and from the continued rent growth that is occurring throughout the northern Atlanta suburbs,” said Charles Kim of CBREIM. “We believe that new ownership will capture additional value by leveraging their prior operating history in Marietta and investing in enhancements to continue to drive rent growth.”

Crestmont Apartments is a low-density, garden-style property with 228 units. The property’s location in is close to Kennesaw State University, downtown Marietta and the Cumberland/Galleria office market, which includes 20 million square feet of office space.