Acquisition, Renovation and Repositioning of 989-Unit Multi-Family Complex
October 27, 2009
Legacy Capital Partners invested $5.62 million in the acquisition, renovation and repositioning of a 989-unit multi-family complex in Stone Mountain, GA, a northeast suburb of Atlanta. The total project cost (including funds needed for the renovation) was $47.782 million. The acquisition was financed with a tax-exempt bond in the amount of $32.675 million and a taxable second mortgage in the amount of $2.866 million. The total equity requirement was $12.240 million.