Dealmaker: Alliant Credit Union Closes $21M Multifamily Loan
Alliant Credit Union, Chicago, closed a $20.8 million loan to American Landmark Apartments for Atlanta-area multifamily building Bentley at Marietta.
The five-year loan began with a two-year interest-only period followed by a 30-year amortization schedule. The loan included several structure components including a future built-in rate reduction and an earn-out provision to partially reimburse capital improvement costs.
Built in 1985, garden-style community Bentley at Marietta recently received exterior renovations and limited interior renovations. American Landmark Apartments said it will complete the interior renovation plan. The community has one- and two-bedroom apartments ranging from 800 to 1200 square feet. Property amenities include a swimming pool, outdoor grilling and gazebo/entertainment area, dog park and private lake with fishing dock.
Alliant Commercial Loan Originator Yonah Sturmwind noted the credit union has a strong outlook for metro Atlanta, “which is among the nation’s top areas for both employment and population growth,” he said.
Newmark Knight Frank Executive Managing Director Matthew Mense and Senior Managing Director Ari Schwartzbard referred the opportunity to Alliant.