60 Unit Condo Development Loan - Atlanta, GA
$11,000,000 loan arranged by PlattPointe Capital.
ATLANTA, GA - PlattPointe Capital recently placed a $15.5M loan to finance the ground-up construction of a mixed-use 60-unit condominium with 17,000 square foot retail development in Atlanta, Georgia.
PlattPointe was approached by the development group at the end of 2020. The sponsor was looking for a capital partner that would consider all of their costs incurred to date as pledged equity so that they could bring zero additional dollars to the closing table, which PlattPointe was able to accomplish. Though the initial response from the market was hesitant on the retail component due to the state of the world at that time, the strength of the sponsors and the overall bullish outlook of relatively upscale housing in this Atlanta market helped pursue a number of groups to issue terms. The project is just minutes away from downtown Atlanta, Midtown, and Decatur – directly across from the Pratt Pullman District.
After working with the sponsor to weigh multiple offers and potential capital stack structures, it was determined that the best route forward was one of our higher leverage options that limited pre-sales required and allowed the sponsor flexibility with draw structures, and timing of execution pending sales upon completion.
• $15,500,000 Loan Amount
• 21-Month Loan Term
• 82% LTC
• No Pre-Sales Required
• Market Interest Rate
The project was closed in January 2021, within 45 days from the initial request date.
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.
Please visit plattpointe.com for additional information. For any inquiries nationwide, please contact:
TRANSACTION BY THE NUMBERS
Loan to Cost (LTC)