Cushman & Wakefield announced that the firm’s Denver Equity, Debt & Structured Finance Group has arranged the refinance loan for Concord Chase Apartments, a 224-unit apartment community in Smyrna, Georgia. Located at 300 Hurt Rd SE, the complex is situated approximately 10 miles northwest of Atlanta and is 30 minutes from the Hartfield-Jackson AtlantaInternational Airport. The $16,265,000 cash-out refinance was a 10-year, floating rate loan with interest only for the first fiveyears.
Executive Managing Director, Baxter Fain, along with Christina Grimme of Cushman & Wakefield Denver handled the debt financing on behalf of Eighteen Capital Group.
“Operating in a restricted credit environment, the parties involved in this transaction performed admirably. We are very pleased to close this refinance, signifying the culmination of a well-executed business plan for our owners,”commented Jeffrey Plummer, Managing Director of Eighteen Capital Group.
“This was an important refinance for the client given all the success they realized after the extensive renovation process. The large cash out, interest-only payments and 2.86% interest rate was a perfect execution for the asset,” said Baxter Fain, Executive Managing Director of the firm’s Denver Equity, Debt & Structured Finance Group.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Eighteen Capital GroupEighteen Capital Group is a privately-held investment organization based in Kansas City, Missouri. Deploying primarily partner and closely related capital, ECG invests in opportunities –primarily in multifamily housing –that fit within the parameters of their proven business model. Specifically, ECG specializes in value-add investments with a focus on long term growth. Today, the company employs approximately 200 professionals and owns 6,865 apartment units in twenty US markets. The company was founded by principals, Scott Asner and Michael Gortenburg. Together, Scott and Michael have over 45 years of real estate and business experience.
About Greystone Greystone is a private commercial real estate finance and investment company with expertise in debt, equity, investment sales and loan servicing solutions. A national lender with over 1,000 experts throughout the country, Greystone originates more than $14 billion in loans annually and has a loan servicing portfolio of over $60 billion, spanning a wide variety of property types. Greystone, through its affiliates, also manages over 10,000 multifamily units and 4,500 skilled nursing beds.
