Atlanta, GA
CBRE Arranges $62.4 Million Loan for Phased Acquisition of Multifamily Community in Pendergrass, Georgia
The project is being developed in four phases
February 6, 2023

CBRE has arranged acquisition financing of The Blakely, a four-phase, 420-unit multifamily complex in Pendergrass, Georgia. ARC Multifamily Group is acquiring the partially developed community in phases for $88.4 million from developer Green River Builders.
CBRE Capital Markets’ Debt & Structured Finance worked on behalf of the borrower, ARC, to secure a $62.4 million bridge loan facility through a life insurance company. CBRE’s Charlie Clark and Blake Cohen represented the borrower.
Located at 542 Glen Gee Road, The Blakely is a garden-style apartment community in Pendergrass, Georgia, about an hour northeast of Atlanta. The property is being delivered in four phases with the buyer under contract to acquire each phase once it receives a certificate of occupancy.
Upon completion, the development will include a mix of one-, two-, and three-bedroom units ranging in size from 855 sq. ft. to 1,444 sq. ft. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV, and seating.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.