NorthMarq’s negotiates $5 million bridge loan for acquisition of House of Phipps Condo Assemblage in Atlanta, Georgia
ATLANTA, GEORGIA (January 21, 2020) – Will James, vice president of NorthMarq’s Atlanta-based regional office arranged acquisition financing of $5 million for House of Phipps Condo Assemblage. The “covered land play” that contains 41 units. NorthMarq arranged the bridge loan for the borrower, Global Liberty Investments, LLC through its relationship with a private lender.
The 50 year-old, 41-unit condominium project will eventually be razed for a high-rise construction project. The sellers had been in the market for four years with two previously failed attempts by other potential buyers. As the popular Buckhead neighborhood continues to expand, this site is a very logical high-rise. Key will be if adjoining land is needed to expand a development footprint. As an interim use, the buyer plans to operate an Air B & B until the high-rise commences.
“The lender was able to fund their loan in 16 days from initial application. With 41 sellers, this was an amazingly fast loan closing in today's lending environment.”
- Will James
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
