ATLANTA, GEORGIA (October 5, 2020) – NorthMarq’s Atlanta office originated preferred equity and advised the client on senior financing both equaling $43,236,000 (85% of the capital stack) needed to start construction of a 240-unit multifamily property. The project will be located at 3360 Mountain Drive in Decatur, Georgia. The transaction was structured with a 3-year interest-only term. NorthMarq arranged the financings for the borrower through its relationship with a regional bank.
The client’s unique project design and unit mix proved compelling to provide a cost basis well under nearby competing projects either recently started or just announced. This asset will be one of only three Fee Simple projects along Marta’s east line that are Transit Oriented, not on leased Marta land and sharing a stop light entrance to the Marta Station.