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Freddie Mac Provides $140 Million Loan For Corso Atlanta Senior Housing Recapitalization In Atlanta

Property Image
FINANCED
$140,000,000
Chad Lavender
Sarah Anderson
Mills Poynor
+ 1

Georgia

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Senior Housing
Financed 11/05/2024
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Property Image
FINANCED

Freddie Mac Provides $140 Million Loan For Corso Atlanta Senior Housing Recapitalization In Atlanta

3200 Howell Mill Road Northwest

See Similar Deals
Senior Housing
Financed 11/05/2024
Chad Lavender
Sarah Anderson
Mills Poynor
+ 1
the dealplayerscompscontact
Contact now

Summary

GEORGIA
Asset Type:Senior Housing
Transaction Type:Loan

The property asset involved in this transaction is Corso Atlanta, a 203-unit senior housing community located at 3200 Howell Mill Road Northwest in Atlanta, GA. The transaction involved a $140 million loan for recapitalization, deepening the finance structure of the upscale community in the West Paces Ferry area.

Summary of transaction details:

  • Property Type: Senior Housing
  • Transaction Amount: $140,000,000
  • Units: 203
  • Lender: Freddie Mac
  • Landlord: Galerie Living
  • Loan Type: Recapitalization

The deal was facilitated by Newmark, which played a crucial role in securing a 10-year Freddie Mac senior loan along with preferred equity from Kayne Anderson Real Estate Debt.

Players

Chad Lavender
Newmark
Chad Lavender
5 deals$395M volume
BROKER
Sarah Anderson
Newmark
Sarah Anderson
1 deal$140M volume(469) 467-2079
BROKER
Mills Poynor
Newmark
Mills Poynor
1 deal$140M volume(469) 467-2045
BROKER
Ben McElroy
Newmark
Ben McElroy
1 deal$140M volume(214) 695-3725
BROKER
Freddie Mac
Freddie Mac
LENDER

Details

FINANCED
IMAGE: 11/05/2024 ADDRESS: 3200 Howell Mill Road Northwest MARKET: Atlanta, GA ASSET TYPE: Senior Housing ~ UNITS: 203 LENDER: Freddie Mac LANDLORD: Galerie Living BROKERS: Ben McElroy, Chad Lavender, Mills Poynor & Sarah Anderson - Newmark LOAN AMOUNT: $140,000,000 LOAN TYPE: Recapitalization NOTE: Newmark facilitated a $140 million recapitalization for Corso Atlanta, a 203-unit upscale senior housing community in the West Paces Ferry area, securing a 10-year Freddie Mac senior loan and preferred equity from Kayne Anderson Real Estate Debt.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$140,000,000.00

Monthly NOI$933,333.33
Monthly Debt Service$884,895.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00