Sponsor to execute renovation plan to upgrade interiors and common areas
Atlanta, GA – (RealEstateRama) — Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, today announced the recent closing of a $10.6 million bridge loan for the acquisition and renovation of a luxury apartment community in Atlanta. The interest-only loan features an 18-month term and will finance renovations at The Villas on Briarcliff, an 82-unit property located in the North Druid Hills neighborhood of Atlanta.
The floating rate loan was arranged in 30 days, and the Sponsor will begin an immediate renovation plan on both unit interiors and common areas. One of Dekel’s longtime capital relationships, Berkadia Commercial Mortgage, a source of customized lending and servicing solutions, provided the loan.
“Driven by corporate relocations, Atlanta is experiencing solid growth and has a healthy outlook for 2016 with its stable employment base,” said Shlomi Ronen, founder and principal of Dekel Capital. “This stable market, along with the Sponsor’s realistic value-add plan for The Villas on Briarcliff, allowed for lender due diligence to proceed quickly, as we needed to close the deal on an accelerated timeline.”
The Villas on Briarcliff is a townhome and garden-style community located in the Druid Hills neighborhood of Atlanta and is in close proximity to some of the area’s major arterials, including Interstate 85 and Interstate 285. The complex offers amenities including a resort-style pool, 24-hour fitness center and detached garages. The Villas on Briarcliff is in proximity to Midtown, Downtown, Emory and Buckhead; some of Atlanta’s primary business districts, representing more than 50 million square feet of nearby Class A office buildings in the immediate area.
About Dekel Capital
Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. In 2015, Dekel Capital closed $230 million in structured finance (equity, mezzanine and debt) over 19 deals for middle market real estate developers and investors who operate nationally. Over the past 15 years, the team at Dekel Capital has financed a combined $2 billion of structured transactions. For more information, please visit www.dekelcapital.com.