CBRE has secured a total of $60 million in refinancing for Embarcadero Club and Walden Brook, two garden-style multifamily properties totaling 660 units near Atlanta.

Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, Ventron Realty, to arrange a 10-year, fixed-rate loan from a debt fund lender. 

Built in 1974, Embarcadero Club is a 404-unit property located at 2210 Sullivan Road in College Park with an average unit size of 855 square feet. The property features a pool, fitness center, business center, clubhouse with conference room, dog park, and children’s playground.

Built in 2003, Walden Brook is a 256-unit property located at 100 Walden Brook Drive in Lithonia with an average unit size of 1,114 square feet. The controlled-access property features picnic areas and grills, a pool, fitness center, business center, children’s playground, and walking trails.

“Both properties have experienced significant rent growth and consistently high occupancy levels due to the demand for apartments. We were able to leverage the organic rent growth and strong operating history to demonstrate the significant value enhancements created by both the borrower and the market, which resulted in the arrangement of two cash-out loans with favorable rates held by the lender during a rising interest rate environment,” said Mr. Ahmed, a Senior Vice President at CBRE.

Since purchasing the properties in 2006, the borrower continues to update unit finishes including flooring, kitchen appliances, counter-tops, and bathrooms along with renovating the properties amenities.