Eastern Union secures $71.3 million acquisition loan for multifamily property in Roswell, Georgia
ROSWELL, GA. — New York-based Eastern Union secured a $71.3 million acquisition loan for Crest at Riverside, a 396-unit multifamily property in Roswell. Eastern Union’s Michael Muller arranged the loan through New York-based Arbor Realty on behalf of the buyer, Atlanta-based MSC Properties.
With a total sale price of $87.5 million, the loan-to-cost ratio of the transaction was 81%. The non-recourse loan has a three-year term with options for two one-year extensions, and is interest-only repayment for its entire term.
Built in 1965 and renovated in 2016, The Crest at Riverside has been renamed Grace Apartment Homes Roswell. The property offers one-, two-, and three-bedroom floor plans with 18 one-bedroom units at 882 square feet; 247 two-bedroom units ranging in size from 1,258 to 1,408 square feet and 131 three-bedroom units ranging in size from 1,290 to 1,408 square feet. Unit features include white or stainless steel appliances, laminate or solid surface countertops, wood cabinetry, and tile backsplashes. Community amenities include two swimming pools, business center, fitness center, playground, grills, and pet park. The property was 96% occupied at the time of the sale.
Located at 100 Chattahoochee Circle, the 518,460 square foot property is located 20.4 miles north of downtown Atlanta, approximately 1.7 miles from the Chattahoochee River and 30.5 miles from the airport. Hartsfield-Jackson Atlanta International. The property is also located near restaurants such as Salt Factory Pub, Crazy Love Coffee House and Olive Garden.