Wingate Companies Secures $29 Million Loan From Invest Atlanta For 188-Unit Multifamily Redevelopment

The property involved in the transaction is a multifamily asset located at 956 Trestletree Court & 794 Ormewood Avenue Southeast in Atlanta, GA. The asset encompasses 188 units spread over 21 acres. The loan amount secured for this development project is $29,000,000, classified as a construction loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,000,000
• Units: 188
• Acres: 21
• Lender: Eloisa Klementich - Invest Atlanta
• Landlord: Mark Schuster & John Tatum - Wingate Companies

Key individuals involved in this deal include Eloisa Klementich, who represents Invest Atlanta in the lending aspect, and the landlords Mark Schuster and John Tatum from Wingate Companies. Notably, Wingate Companies has secured an additional $2 million Tax Allocation District grant to facilitate the redevelopment project aimed at creating a larger affordable housing initiative along the Beltline’s Southeast Trail. The phased construction and resident relocation preparations are now underway following the property closure in August.