ATLANTA – Colliers International, a global leader in commercial real estate services, has arranged a $21.15 million loan on behalf of QR Capital for the acquisition of Collier Ridge Apartments, a 300-unit residential community in Atlanta.
Trevor Ritter of Colliers International - Atlanta’s Capital Markets Group and Charlie Mentzer of Beech Street Capital arranged the acquisition financing. Freddie Mac provided the 10-year/30-year loan, which carries a two-year interest-only period.
“This acquisition financing provided QR Capital an excellent opportunity to purchase a well-leased property in an ideal infill location situated within the high-end Collier Hills and Buckhead residential submarkets,” said Trevor Ritter.
Located at 2121 Defoors Ferry Road NW and built in 1980, the low-density apartment community was 94 percent leased as of September 2013. Situated on 39 acres and comprising 49 residential buildings, the property provides residents convenient access to the Buckhead, Midtown, Downtown and Cumberland/Vinings business districts, as well as easy access to a nearby I-75 interchange.
Atlanta-based QR Capital plans to invest approximately $5.2 million in renovations over the next 12 months to upgrade unit interiors, exterior finishes and amenities.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.