CBRE Investment Management Fund closes $ 37.2 million loan for 236-unit multi-family community outside of Atlanta
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A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has entered into a $ 37.2 million mortgage to facilitate TerraCap Management’s acquisition of Enclave in Roswell. The 236-unit multi-family community is located outside of Atlanta in the North Fulton submarket. The variable rate loan has an initial term of four years, which can extend up to an additional year, and includes future funding for planned TerraCap renovations.
Located at 11251 Alpharetta Highway in the city of Roswell, GA, the garden-style community offers a mix of one and two-bedroom apartments with washers and dryers, walk-in closets, and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground and dog park.
“This loan provided our company with the opportunity to lend on a well located property at an attractive price, in addition to working with an established sponsor at TerraCap, who has a history of operating in this particular sub-market,” said said Charles Kim, Managing Director for CBRE Investment Management. âWe believe that with the new owner’s targeted capital improvements, coupled with strong sub-market fundamentals, there is an opportunity for significant rental growth while maintaining high occupancy levels in the property. We look forward to funding additional transactions with Newmark and TerraCap.
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
The Enclave at Roswell is located along Highways 9 and 400, providing convenient access to major employment hubs in the region. Downtown Atlanta is less than a 35-minute drive from the property. The community is also located within two miles of some of the area’s top shopping destinations, including North Point Mall, North Point Marketcenter, and Mansell Crossing.
About CBRE Investment Management
CBRE Investment Management is one of the world’s leading real estate asset management companies with $ 133.1 billion in assets under management * as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the company seeks to provide sustainable investment solutions in real asset classes, geographies, risk profiles and execution formats so that its clients, people and its communities thrive.
CBRE Investment Management is an independent subsidiary of CBRE Group, Inc. (NYSE: CBRE), the world’s largest commercial real estate investment and services firm (based on 2020 revenue). CBRE has more than 100,000 employees serving customers in more than 100 countries. CBRE Investment Management leverages CBRE’s market data and knowledge, investment research and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
* Assets Under Management (AUM) refers to assets under management, the fair market value of investments related to real assets for which CBRE Investment Management provides, on a global scale, oversight, investment management and management services. other advice and which generally consists of investments in real assets; participation in funds and joint ventures; securities portfolios; operating companies and loans on real estate assets. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real asset market, and its calculation of AUM may differ from calculations of other asset managers and its calculation of regulatory assets under management for the purposes of certain regulatory filings. .
Disclaimer
CBRE Clarion Global Real Estate Income Fund published this content on 06 November 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 06 November 2021 12:47:01 AM UTC.
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