ATLANTA, GEORGIA (January 17, 2020) NorthMarq’s Atlanta and Dallas offices’ Debt and Equity teams were able to secure a $45,416,000 bridge loan for the acquisition of Virginia Highlands Apartments. This 1989 vintage, 270-unit property is located at 609 Virginia Avenue in Atlanta, Georgia. The non- recourse loan has a term of 4-years with a possible 1-year extension and is full term interest only. NorthMarq arranged financing for the buyer, RangeWater Real Estate (FKA Pollack Shores Real Estate Group), through NorthMarq’s longstanding relationship with a Life Insurance company. NorthMarq’s Atlanta investment sales team represented the seller in the transaction.
Virginia Highlands Apartments is located in the heart of Atlanta. Most notably, this property has 600 feet of frontage and direct access to the Atlanta BeltLine. Property on the BeltLine have become Atlanta’s “beachfront property.” The impact of the BeltLine on this area has been staggering: it has created 11,200 permanent jobs since 2017 and raised nearby retail and office rents by 70 percent. The BeltLine connects this property to nearby Piedmont Park and Ponce City Market. Beyond these iconic Atlanta landmarks, residents also have access to the 757+ dining locations, 31+ entertainment venues, and 195+ retail amenities within one mile of the property.