BlueStone Real Estate Capital Secures $8.3M Acquisition and Capital Improvements Loan for Century Oaks Apartment Complex in Snellville, GA.PHILADELPHIA -- BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Real Estate Capital, a Philadelphia based real estate investment bank, has secured a $8.3M acquisition and capital improvements loan for RCMC RCMC Rose City Motorcycle Club RCMC Regional CLEC Maintenance Center to acquire Century Oaks, a 132-unit multi-family apartment complex in Snellville, GA. MidFirst Bank is the lender in this transaction. The garden style apartment complex offers excellent amenities including a swimming pool, clubhouse, lighted tennis courts and a laundry facility. The complex has unique one, two and three bedroom garden and town home style floor plans that offer a quiet atmosphere for tenants to enjoy. "Securing a loan in today's market conditions can be challenging, particularly in regions where older properties are prevalent," said Kristopher Wood, Senior Director at BlueStone. "However, we were successful because of RCMC's deep experience and track record of success in the multi-family space." Located 30 miles northeast of Atlanta in Gwinnett County, GA, Century Oaks is positioned to take advantage of the one of Atlanta's fastest growing submarkets. Gwinnett County has the second largest population Georgia and is ranked one of the fastest growing counties in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Century Oaks is also conveniently located between Interstate 85 and Highway 316, offering excellent access for commuters. "Century Oaks is the most recent example of BlueStone's continued success across property types and location," said Matthew McManus, Chairman of BlueStone Real Estate Capital. "We continue to secure sophisticated financing for our roster of elite clients across the country." The five year loan has 12 month interest only period, with an 85 percent loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. . About BlueStone Real Estate Capital BlueStone Real Estate Capital is a commercial real estate investment banking firm that secures innovative debt, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. , equity and sponsor equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the nation's top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, BlueStone specializes in closing complex deals for sophisticated clients. Recently, BlueStone was awarded the NJPA NJPA New Jersey Press Association Real Estate Journal's "Deal of the Year" for securing $70,800,000 in construction and permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for The Edge at Avenue North, the largest single-structure, state of the art student housing building in Pennsylvania. For more information please visit www.bluestonecap.com |
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