Sale reinforces appetite for Multifamily assets during the pandemic
Newmark Knight Frank (NKF) announces financing for the acquisition of multifamily property, The Bentley at Marietta by American Landmark Apartments (ALA). NKF’s Multifamily Capital Markets team of Executive Managing Directors Bill Weber and Matt Mense and Senior Managing Director Ari Schwartzbard represented the buyer in securing the $22,805,000 five-year loan with a two-year interest-only period followed by a 30-year amortization.
The financing loan was provided by Alliant Credit Union for ALA’s acquisition of the Bentley at Marietta from sellers Greystone Real Estate Advisors. The loan includes structure components, including a future built-in rate reduction and an earn-out provision to partially reimburse capital improvement costs. This was a unique financing execution as it was signed in the heart of the COVID-19 pandemic with a new lender relationship.
“This transaction reinforces the hard work and tremendous effort of our entire team to work with ALA to source capital during this challenging time,” said Schwartzbard. “We were able to partner with a credit union, who is not a typical lender in this space, to source the competitive capital for the acquisition.”
The Bentley at Marietta, a garden-style multifamily property located at 880 South Cobb Drive, Marietta, GA, was built in 1985 and upgraded in 2019. The property includes 222 units encompassing 235,000 square feet situated on 18.96 acres. The new owners will complete the interior renovation plan. The property’s extensive amenities include a clubhouse, swimming pool, fitness center, playground, outdoor grilling and gazebo/entertainment area, dog-park and private lake with fishing dock.
The property is located within the heart of Cobb County’s redevelopment corridor and features the ultimate live, work, play location with unique shops and highly rated restaurants. The Bentley at Marietta is situated close to the historic downtown of Marietta, the Shops at Belmont, and is near the heart of Atlanta’s prolific “Platinum Triangle” district. The district has the city’s largest concentration of Class-A office space that’s home to numerous Fortune 500 companies including HD Supply, Genuine Parts, IBM, BlueLinx and General Electric Power.
