According to Greg Engler, a partner in Chicago-based Moran & Co., LeCraw paid a $1-million prepayment penalty rather than pay off the loan over time, bringing the total price to $17.1 million or approximately $96,000 per unit. Paying off the loan over time was seen as a hindrance to conversion, Engler said in a printed statement. The Alpharetta, GA-based office of Moran represented the seller.
Lenox Villa is a class A complex, constructed in 1989 by Atlanta-based Calibre Properties. Apartments average 997 sf.
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