A multifamily property in Roswell, Georgia, was purchased for a nonrecourse loan. In late July 2017, the company that owned the property rebranded as Grace Apartment Homes Roswell and closed the transaction. However, this deal is not without controversy. In fact, several developers expressed concern over the project, and the deal has faced some criticism. In this article, we’ll take a look at one of the latest cases in Roswell.
The Crest at Riverside is a 396-unit multifamily property in Roswell
The Crest at Riverside is an apartment community located on bluffs overlooking the Chattahoochee River in Historic Roswell. Located just minutes from the Perimeter shopping center, Crest at Riverside is the only apartment community in the city that is within walking distance to historic sites. The community’s exceptional team ensures that its residents enjoy the best of both worlds: country serenity and convenient city living.
It was rebranded to Grace Apartment Homes Roswell
The Crest at Riverside was constructed Click Here in 1965 and recently renovated. The property now offers one-, two-, and three-bedroom apartments with modern amenities. Units feature white appliances and solid surface or laminate counters. Residents can enjoy two outdoor pools, a fitness center, a pet park, and other amenities. The community is located near many shops, restaurants, and other amenities. Those seeking a quieter lifestyle should consider one of the community’s many pet-friendly options.
It was a non-recourse loan
In a recent Roswell apartment transaction, a $71.3 million bridge loan was arranged by Michael Muller, a leading commercial mortgage broker. The loan was secured by a multi-tiered joint venture comprised of the Operating Partnership, Fund III, and King Lowry Ventures. The loan term was three years with two one-year extensions. Because the transaction was non-recourse, the lenders do not have to worry about recouping their loans.
It was closed in late July 2017
A Roswell apartment transaction closed in late July has prompted some residents to ask what happened during the development process. Mayor John Evans, who has been in office since 2008, wants to ensure the city sticks to a development plan for future growth. According to the Holcomb Bridge Road East Revitalization Study, over 50% of East Roswell is currently made up of apartments. On July 29, the City Council unanimously approved a plan to replace an empty Super Target with more than 400 apartments. Councilwoman Christine Hall seconded Palermo’s motion and Councilman Marcelo Zapata was excused from the meeting. The approval is subject to the approval of the Atlanta Regional Commission.
Recommendations for condemnation in Roswell apartment transaction
The City of Roswell should consider using condemnation as a tool for acquiring a parcel of property in the city. This is a cost-effective tool that will help the city develop its right-of-way plan. If this option is chosen, the acquisition agent should request that eminent domain appraisals be obtained, which differ from standard bank appraisals. In addition, the acquisition agent should be hired to address any revisions to the right-of-way plan and any concerns of the property owners.