Abacus Capital Group has tapped $60 million in financing out of a new $200 million Freddie Mac credit facility arranged by HFF.
The financing backs the acquisition of The Point at Perimeter in Dunwoody, Georgia, made up of the 365-unit Ashford and 238-unit Dunwoody garden-style multi-housing communities, which operate as separate properties with their own set of amenities.
The facility is the third that HFF has arranged for Abacus, HFF senior managing director Mona Carlton, who led the debt placement team representing the borrower, told Real Estate Capital. It offers prepayment flexibility and allows the borrower to close more quickly and efficiently than would be possible with a series of conventional loans, Carlton noted.
The facility is part of Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program and HFF will service The Point at Perimeter loan through its Freddie Mac Program Plus Seller/Servicer program.
Situated on more than 12 acres, the properties are located at 100 Ashford Gables Drive, approximately 15 miles north of downtown Atlanta and convenient to Interstate 285, State Highway 400 and Perimeter Mall.
The community, which is 96 percent leased, offers a mix of one-, two- and three-bedroom floor plans averaging 934 sq ft each, with amenities including swimming pools, 24-hour fitness centers and indoor racquetball courts.