MIAMI, FL – January 29, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $32.8 million in financing for the acquisition of Heights at Old Peachtree, a 258-unit, Class A, garden-style apartment community in the Northeast Atlanta community of Suwanee, Georgia.
The HFF team worked exclusively on behalf of the borrower, Momentum Real Estate Partners, LLC, to secure the seven-year, fixed-rate loan with a correspondent life insurance company. The loan includes five years of interest-only payments.
Heights at Old Peachtree is prominently situated immediately northwest of the Old Peachtree Road and Interstate 85 interchange in Gwinnett County, which positions it near numerous retail, entertainment and recreational amenities. In addition, the area has also recently experienced several large corporate relocations and expansions adding to the existing employment base. Heights at Old Peachtree offers seven unique one-, two- and three-bedroom floor plans averaging 941 square feet. In addition to in-home amenities, including stainless steel appliances, granite countertops and large soaking tubs, the community features a resort-style pool, an outdoor entertainment area with grilling station and fire place, fitness center, clubhouse, professional chef’s kitchen, private conference room, car care center and a scenic lakefront nature trail. The property is 95 percent occupied.
The HFF debt placement team representing the borrower included managing director Elliott Throne, director Ware Shipman and associate Jesse Wright.
“Heights at Old Peachtree represents Momentum’s first acquisition in the Atlanta MSA and it fits perfectly into their investment thesis to acquire high-quality assets in high-growth submarkets,” Shipman said. “Momentum, along with their loan from a best-in-class life insurance company, will capitalize on Northeast Atlanta’s progress. Gwinnett County’s population continues to swell as residents follow the major employers that have relocated to or expanded in the I-85 corridor.”