BLUESTONE REAL ESTATE CAPITAL SECURES $8.3M ACQUISITION AND CAPITAL IMPROVEMENTS LOAN FOR CENTURY OAKS APARTMENT COMPLEX IN SNELLVILLE, GA
BlueStone Real Estate Capital, a Philadelphia based real estate investment bank, has secured a $8.3M acquisition and capital improvements loan for RCMG to acquire Century Oaks, a 132-unit multi-family apartment complex in Snellville, GA. MidFirst Bank is the lender in this transaction.
The garden style apartment complex offers excellent amenities including a swimming pool, clubhouse, lighted tennis courts and a laundry facility. The complex has unique one, two and three bedroom garden and town home style floor plans that offer a quiet atmosphere for tenants to enjoy.
“Securing a loan in today’s market conditions can be challenging, particularly in regions where older properties are prevalent,” said Kristopher Wood, Senior Director at BlueStone. “However, we were successful because of RCMG’s deep experience and track record of success in the multi-family space.”
Located 30 miles northeast of Atlanta in Gwinnett County, GA, Century Oaks is positioned to take advantage of the one of Atlanta’s fastest growing submarkets. Gwinnett County has the second largest population Georgia and is ranked one of the fastest growing counties in the United States. Century Oaks is also conveniently located between Interstate 85 and Highway 316, offering excellent access for commuters.
“Century Oaks is the most recent example of Bluestone’s continued success across property types and location,” said Matthew McManus, Chairman of BlueStone Real Estate Capital. “We continue to secure sophisticated financing for our roster of elite clients across the country.”
The five year loan has 12 month interest only period, with an 85 percent loan-to-value ratio.
