The Milwaukee office of Grandbridge Real Estate Capital recently originated and closed a $30.7 million first mortgage loan for the acquisition of an apartment community in Atlanta.
The loan, which was completed in conjunction with Mesirow Financial Institution Real Estate’s Direct Investment group, was for the acquisition of Biltmore Apartments, a 276-unit residential community located within the Midtown Mile of Atlanta.
The mid-rise apartment community features a rooftop terrace with an outdoor fireplace, a courtyard with a fountain and grilling areas and a fully equipped fitness center.
Milwaukee-based Grandbridge senior vice president Jim Cope and vice president Debe Storts arranged the financing through Grandbridge’s Freddie Mac CME lending group. The loan is a seven-year term fixed rate mortgage that carries a rate near 4 percent.