NorthMarq’s negotiates $5 million bridge loan for acquisition of House of Phipps Condo Assemblage in Atlanta, Georgia

House of Phipps Condo Assemblage
Debt & Equity
Multi-Tenant
Multifamily
Bridge Loan
Other
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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

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About Northmarq 
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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