Waterman Capital Provides $11.4M Refinance Loan For Atlanta Multifamily Property | 100 Valley Hill Road Southwest | Waterman Capital | Igor Zakh | MultiFamily | Loan

Summary

Loan

GEORGIA

MultiFamily

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!

Players

All
3

Agents
1
Agencies
1
Lenders
1

Igor Zakh

Chief Operating Officer

Cornerstone Capital Financing

Waterman Capital

Details

Deal Summary

FINANCED

IMAGE: Russell Nova & Igor Zakh DATE: 01/04/2024 ADDRESS: 100 Valley Hill Road Southwest MARKET: Atlanta ASSET TYPE: Multifamily LENDER: Waterman Capital LANDLORD: Russell Nova (@RussellNova), Jp Albano, Matt Shields & Igor Zakh (@Igor_Zakh) BROKERS: Igor Zakh (@Igor_Zakh) - Cornerstone Capital Financing LOAN AMOUNT: $11,400,000 LOAN TYPE: Refinance LOAN TERMS: 10 Year Fixed, 6.3% Interest Only, Full Term I/O NOTE FROM BROKER: @RussellNova and his partners purchased this property on April of 2022 where the asset was 60% Occupied with rents $400 Below market. We completely transformed this property by renovating 80 UNITS with washer and dryers with complete exterior renovation. Placing this Asset into a stabilization position reduced our monthly obligation going from a 11% (Sofar) to a 6.3% Fixed Interest Only. Financing was handled by @Cornerstonecapitalof NY, by @Igor_Zakh. Currently our Asset is over 90%+ occupancy and growing, this gives us a chance to concentrate on Leasing Momentum for 24-25. Congrats to all who were part of this transaction Financing Arranged by: @CornerstoneCapitalofNY by @Igor_Zakh Russell Nova, Principal [email protected] Igor Zakh, Operating Officer [email protected] 917-567-1646 - Cell

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Address100 Valley Hill Road Southwest

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