CBRE Arranges $67 Million Refinancing of 420-Unit Multifamily Community in Pendergrass, Georgia

CBRE has arranged a $58 million senior loan and $9 million preferred equity investment to refinance The Blakely, a 420-unit multifamily community in Pendergrass, Georgia.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Atlanta-based ARC Multifamily Group, in the deals. Fannie Mae provided the five-year fixed rate, senior loan, and Miami-based Pensam Capital is the preferred equity investor.

Located at 542 Glenn Gee Road, the community was built on a 40.34-acre site in four phases beginning in 2022 and completing in July 2023. It comprises 10 residential buildings with one, two, and three-bedroom floorplans averaging 1,059 sq. ft. Unit amenities include custom design finishes, stainless-steel appliances, wood-style flooring, walk-in closets, and large balconies/patios. Community amenities include a clubhouse, two resort-style pools, gaming room, fitness center, barn park and spa, and EV charging.

“We are pleased to have represented ARC Multifamily on the financing of The Blakely which they consider to be the crown jewel of their portfolio,” said Cohen, a Senior Vice President with CBRE. “Thanks to the ARC team’s operational expertise, we were able to capitalize on the property’s strong performance and execute a cashout refinance, resulting in a return of equity to the partnership.”

Situated between I-85 and I-985 in Jackson County, the property benefits from the Atlanta Metro’s expansion in recent years. Moreover, its location in the logistics and transportation hub of the Southeast with 18 industrial warehouses within eight miles provides strong tenant demand.