A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has taken out a $ 37.2 million mortgage loan to facilitate TerraCap Management’s acquisition of Enclave in Roswell. The 236 unit multi-family community is located outside of Atlanta in the North Fulton submarket. The floating rate loan has an initial term of four years, renewable for an additional year, and provides future financing for TerraCap’s planned renovations.
Located on 11251 Alpharetta Highway in the city of Roswell, Georgia, the garden-style community offers a mix of one- and two-bedroom apartments with washers and dryers, walk-in closets, and private balconies in select homes. Communal facilities include a swimming pool, fitness center, business center, tennis court, children’s playground and dog park.
“This loan gave our company the opportunity to lend a well-located property on attractive terms in addition to working with an established TerraCap sponsor who has a history of this particular sub-market,” said Charles Kim, Managing Director for CBRE investment management. “We believe that with the new owner’s targeted capital improvements coupled with the submarket’s strong fundamentals, there is an opportunity to significantly increase rent while maintaining the high occupancy rate of the property. We look forward to funding additional transactions with Newmark and TerraCap . “
Newmark’s Matt Williams and Kyle Schlitt arranged the loan on TerraCap’s behalf.
Enclave at Roswell is located on Highways 9 and 400 and provides easy access to the area’s major employment centers. Downtown Atlanta is 35 minutes’ drive from the property. The community is also less than 2 miles from some of the area’s major shopping centers, including North Point Mall, North Point Market Center, and Mansell Crossing.
About CBRE Investment Management
CBRE Investment Management is a leading global real estate management company, with assets under management of $ 133.1 billion * as of September 30, 2021, operating in more than 30 offices in 20 countries worldwide. Through its investor-operator culture, the company strives to offer sustainable investment solutions for all property categories, regions, risk profiles and design types so that its clients, employees and communities thrive.
CBRE Investment Management is an independently operated subsidiary of CBRE Group, Inc. (NYSE: CBRE), the world’s largest service and investment company for commercial real estate (based on 2020 revenue). CBRE employs more than 100,000 people who serve customers in more than 100 countries. CBRE Investment Management leverages CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. More information is available at www.cbreim.com.
* Assets under Management (AUM) refers to the assets under management, the fair value of real assets, for which CBRE Investment Management provides supervision, investment management services and other advisory services worldwide and which generally consist of investments in real assets; Participation in funds and joint ventures; Securities portfolios; Operating companies and property related loans. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real estate market and its calculation of the AUM may differ from the calculations of other asset managers and from the calculation of regulatory assets for the purposes of certain regulatory filings.
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CBRE Clarion Global Real Estate Income Fund published this content on November 06, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on November 06, 2021 12:47:01 AM UTC.