Waterman Capital Provides $11.4M Refinance Loan For Atlanta Multifamily Property

The multifamily property located at 100 Valley Hill Road Southwest in Atlanta, was recently refinanced with a loan amount of $11,400,000. The loan, provided by Waterman Capital, offers favorable terms including a 10-year fixed term with a 6.3% interest rate that is interest-only for the full term.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,400,000
• Lender: Waterman Capital
• Landlord: Russell Nova, Jp Albano, Matt Shields & Igor Zakh

The financing for this property was arranged by Igor Zakh of Cornerstone Capital Financing. After purchasing the property in April of 2022, Russell Nova and his partners successfully transformed the asset. The property was originally 60% occupied with rents $400 below market value, but after extensive renovations, including the addition of washer and dryers to 80 units and a complete exterior renovation, the asset is now in a stabilization position. This transformation allowed the monthly obligation to be reduced from 11% (Sofar) to a 6.3% fixed interest-only rate.

The property is currently over 90% occupied and continuing to grow, providing a strong leasing momentum for 2024-2025. Congratulations to all who were involved in this transaction!