Meridian Capital Group, America’s most active debt broker, arranged $20.8 million in agency financing for the acquisition of the Steeple Chase multifamily property located in Norcross, GA on behalf of Emma Capital Investments, Inc.
The 10-year non-recourse loan features one-year of interest-only payments and was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
"Emma Capital has renamed the property ‘The Chelsea Apartments’," said Mr. Grossman. “The transaction is Emma Capital's twentieth multifamily purchase and brings its total portfolio to over 5,000 apartment units in the Atlanta, Charlotte, and Phoenix markets,” he added.
Steeple Chase, located at 5940 Singleton Road in central Norcross, consists of 20 two-story apartment buildings, totaling 306 units. The property includes one-, two- and three- bedroom apartments, featuring patios or balconies, dens, fireplaces, walk-in closets and attractive vaulted ceilings. Community amenities include a swimming pool, clubhouse, business and fitness centers, picnic and grill areas and a playground. Steeple Chase is in close proximity to main transportation arteries, including Jimmy Carter Boulevard and Interstate 85, which provides direct access to all of Gwinnet County and the metro Atlanta area.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com