Lument closed a $17.5 million proprietary bridge loan to refinance The Peach, a recently renovated 68-unit high-rise apartment community in Atlanta, Georgia. R.J. Guttroff, managing director at Lument, led the transaction.
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The property was originally constructed in 1964 as an office building and underwent a gut renovation in 2021 to reposition it as a multifamily apartment. The sponsor is well-established in the Atlanta area and has completed more than 3,500 apartment unit redevelopments in private and public partnerships.
“The sponsor, a first time Lument client, had several goals: pay off the existing debt, stabilize occupancy of the property, and complete renovations,” said Guttroff. “Lument’s loan secured essential funding and allowed the sponsor to complete all the necessary steps, as well as stabilize a commercial component in the building.”
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Lument’s bridge loan features a two-year term with two six-month extension options, along with a floating interest rate.
The Peach features amenities such as a business center, conference rooms, and a pet play area. Unit amenities include luxury flooring, stainless steel appliances, wood cabinetry, in-unit washer/dryers, and patio/balconies with views of Atlanta’s Midtown and Buckhead neighborhoods.
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