Owners of the 30-year-old, 241-unit, 91%-leased garden-style complex, 75 miles southeast of Downtown Atlanta, plan to use the funds to pay off existing debt, return a portion of its equity and pay all closing costs on the 10-year-loan deal. Average asking rent at the 18 two-story and three-story buildings, comprising 283,848 sf, is $540 per month.
The loan will be amortized on a 30-year schedule. Collateral underwrote the loan with a loan to value of 79.14%. The loan was funded through Fannie Mae's Delegated Underwriting and Servicing product line.
Collaterial is one of 26 Fannie Mae DUS lenders. The Alabama mortgage banking firm has a servicing portfolio of $4 billion through satellite offices in Atlanta, Columbus, OH, Kansas City, Milwaukee, Minneapolis, Orlando and St. Augustine, FL.
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