An Atlanta investor acquired a 10-unit apartment building in Midtown for $2,200,000 - aging but structurally sound, rents averaging $1,100 vs market of $1,450. Classic Midtown value-add.
LOAN AMOUNT
$1,650,000
Atlanta's multifamily market was moving fast - seller had three other parties touring. Investor needed to move from LOI to close in under 3 weeks with limited documentation.
Adler Capital funded $1,650,000 at 75% LTV in 19 days. Bridge loan with rehab reserve built in - $180,000 for unit renovations released on inspection.
The Outcome
6 of 10 units renovated within 8 months. Updated units re-leased at $1,450. Full stabilization projected at $14,500/month gross. DSCR refi lined up.
Deal Highlights
LOAN AMOUNT
$1,650,000
PURCHASE PRICE
$2,200,000
UNITS
10
LTV
75%
CURRENT RENT
$11,000/mo
PROJECTED RENT
$14,500/mo
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