JLL arranges $36M financing for Atlanta-area apartments
Loan proceeds funded Resolute Real Estate’s acquisition of the Sandy Springs community
DENVER, December 2, 2019 – JLL announced today that it has arranged $36 million in acquisition financing for The Reserve at Ridgewood, a 269-unit, garden-style apartment community in the Atlanta suburb of Sandy Springs, Georgia.
JLL worked on behalf of the borrower, Resolute Real Estate, to place the 12-year, fixed-rate loan with three years of interest-only payments with a correspondent lender.
The Reserve at Ridgewood consists of one-, two- and three-bedroom apartments ranging from 854 to 1,530 square feet. All homes feature stainless steel appliances, full-size washers and dryers, screened-in patios and balconies and wood burning fireplaces. Community amenities include a resort-style pool, expansive sundeck with cabanas, tennis court, playgrounds and a 24-hour fitness center that extends into an outdoor fitness area. The Reserve at Ridgewood is located at 7100 Roswell Road approximately 15 minutes north of downtown Atlanta near the shoreline of the Chattahoochee River. The suburban location positions residents near major employers, including the recently opened Mercedes-Benz USA Headquarters, as well as dining, retail and outdoor recreation amenities. The property is 94% occupied.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels, Senior Managing Director Eric Tupler and Director Ware Shipman.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Resolute Real Estate
Resolute Real Estate (“Resolute”) was formed in 2018 with a long-term investment strategy in multifamily real estate. Resolute targets well-positioned assets in steady submarkets and deploys a granular focus on income and expense management with the goal of maximizing investor yield and long-term property values. The sponsor has a proven track record with extensive experience; acquiring and asset managing more than 10,000 apartment units in the last eight years. The physical quality of the communities ranges from Class A to C assets in locations that are Class A to B. The asset business plans vary from value-add to in-place cash-flowing properties.
Resolute finds opportunities in secondary and some primary markets throughout the Midwest and Southeast. In just 14 active months of purchasing, Resolute has acquired more than $115 million in multifamily properties totaling 823 units. The firm strives for a deep relationship with its investors and prides itself in acquiring, maintaining, operating and maximizing the value potential at all of its properties.