The Atlanta office of Chicago-based iCap Realty Advisors arranged the financing with Birmingham, AL-based Regions Bank. At the time the loan was granted, the interest rate was 4.05%, Alfie Means, a principal in iCap's Atlanta office, tells GlobeSt.com.
The complex, which is on a bluff overlooking the Tennessee River, was built in 1978, contains 244 units and is 90% occupied. The average monthly rent is $650 per unit.
DEL plans $1.586 million in renovations that include the demolition of 48 efficiency units. The reconfiguration will reduce the total number of units to 196. The owner also plans construction of a new clubhouse, fitness center and leasing office.
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