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Mesa West Capital Provides $92.5 Million Loan for Acquisition of 400-Unit Atlanta Apt. Community
By: Mesa West Capital
The four-year, interest-only floating rate financing was secured by Magnolia Vinings, a garden-style apartment building at 2151 Cumberland Way in Atlanta's Cumberland/Galleria submarket. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996.
"This property is very well located in northwest Atlanta with easy access to two interstates, all the consumer draws that the prime district has to offer, including the Major League Baseball Atlanta Braves-anchored mixed-use Battery development, Home Depot's headquarters and much more," said Mesa West Vice President Brian Hirsh who led the origination team out of Mesa West Capital's Chicago office. "Cumberland/
Magnolia Vinings, which is 98 percent occupied, is situated on 21.55 acres just inside Atlanta's perimeter between Interstate 285 and Cumberland Parkway. It features a mix of one- to three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers 9' foot ceilings, high-end finishes, large walk-in closets and spacious kitchens with stainless steel appliances. Renovated units come equipped with quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, a new clubhouse and fitness center, a cyber lounge, and a bocce ball court.
The financing was arranged by Michael Riccio, Senior Managing Director and Co-Head of National Production for CBRE Capital Markets Debt & Equity Finance in the firm's Hartford, CT office.
About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.
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