ATLANTA, GA—CBRE Capital Markets’ Debt & Structured Finance team, in collaboration with its Federal Housing Administration lending platform, has arranged $36.3 million in construction and permanent financing for the multifamily development of Noble Vines at Braselton, a class A community consisting of 248 market-rate units in Braselton, GA.
The loan is being funded through the US Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program, providing an interest-only construction period of 18 months with a 40-year, non-recourse and fully amortizing permanent loan.
Robert Lachapelle of CBRE’s Atlanta office, and Ann Cone of CBRE’s FHA lending platform, arranged the 40-year, 100 percent non-recourse, fixed-rate loan on behalf of the borrower, CC NVB. The development is a joint venture between The Ardent Companies and Claret Communities of Atlanta, GA.
“This project is located in a highly desirable area with a number of retail and complimentary developments within walking distance,” says Cone. “The future residents of Noble Vines at Braselton will enjoy state of the art amenities. Ardent Companies and Claret Communities, working with Pucciano & English Architects, have done an outstanding job designing the project to meet the needs of the community.”
The project will be located at Sprout Springs Road and Thompson Mill Road in Braselton, GA. Noble Vines will feature 10 three-story garden style, walk up apartment buildings totaling 248 units. Additionally, the project will feature a clubhouse/leasing office, and five parking structures with six garages each. Site amenities include a trash compactor, a carwash area, fitness center, swimming pool and a bark park. The property’s unit mix is comprised 84 one-bedroom units,126 two-bedroom units, and 38 three-bedroom units.
“We are very excited to capitalize on one of the only remaining multifamily sites in this growth corridor,” says Lee Terry of Claret Communities. “There is a definite need for class A living space in this market and we look forward to being able to provide an amenity rich community to our future residents.”
CBRE is a fully-integrated, direct FHA lender offering a full array of FHA-insured financing for both multifamily and healthcare assets.