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ATLANTA-Roberts Realty Investors Inc. is getting a 10-year, $21 million permanent financing loan at 6.95% interest from State Farm Life Insurance Co. on the purchase of St. Andrews at the Polo Club, a five-month-old, 200-unit luxury multifamily property in Wellington, an affluent suburb of West Palm Beach, FL.

As GlobeSt.com reported Sept. 18, Roberts is buying the asset from an undisclosed seller for $21 million or $105,000 per unit, based on its loan amount. The loan and the acquisition will close together at an undetermined date in October.

This is Roberts’ first loan with Bloomington, IL-based State Farm. St. Andrews was completed in April and is 67% leased.

Roberts owns 1,700 apartment units in seven complexes in Atlanta, Charlotte and Florida. This is the UPREIT’s first Florida acquisition.

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