CBRE has arranged a $58 million senior loan and $9 million preferred equity investment to refinance The Blakely, a 420-unit multifamily community in Pendergrass, Georgia, 30 minutes northeast of Atlanta.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, ARC Multifamily Group, in the deals. Fannie Mae provided the five-year fixed rate and senior loan, and Pensam Capital is the preferred equity investor.

Located at 542 Glenn Gee Road, the community was built on a 40-acre site in four phases beginning in 2022 and completing in July 2023. It comprises 10 residential buildings with one, two, and three-bedroom floorplans averaging 1,059 square feet. Community amenities include a clubhouse, two resort-style pools, a gaming room, a fitness center, a barn park and spa, and EV charging. 

Situated between I-85 and I-985 in Jackson County, the property benefits from the Atlanta Metro’s recent expansion.

CBRE has arranged a $34.2 million senior loan and a $11.7 million preferred equity investment to finance the acquisition of The Preston, a 334-unit apartment complex in McDonough, Georgia, approximately 30 miles southeast of downtown Atlanta. 

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, ARC Multifamily, which purchased the property for $52.375 million. The senior loan was secured through Fannie Mae, and Related Fund Management provided the preferred equity. 

CBRE’s Blake Cohen added, “We looked at several different financing scenarios, but the senior loan plus preferred equity structure was ultimately the most accretive execution from a leverage and blended cost of capital standpoint.” 

Located at 100 Preston Creek Dr., The Preston was built in 2001 and includes a mix of one-, two-, and three-bedroom units ranging from 767 square feet to 1,794 sq. ft. Community amenities include two pools, a grilling area, a business center, and a resident lounge.