Joseph Jemal’s Icer Properties has secured $105 million of acquisition financing to purchase three Georgia multifamily properties in the Atlanta region, Commercial Observer has learned.
Arbor Realty Trust provided the 36-month loan at a loan-to-cost ratio of 85 percent with full-term interest-only payments and a LIBOR-based interest rate. Meridian Capital Group arranged the transaction with a team led by Cary Pollack and Judah Neuman.
The 902-unit portfolio includes Life at Greenbriar at 2909 Campbellton Road SW in Atlanta, Ashlar Townhomes at 330 Arrowhead Boulevard in Jonesboro, and Retreat at Baywood on 6655 Mount Zion Boulevard in Morrow. Icer has capital improvement plans for each property.
Manhattan-based Icer also acquired a 1,187-unit portfolio in Georgia last year for $150 million. Arbor supplied a $130 million loan for this transaction, which involved six assets.
“We are pleased to have once again worked with this lender to craft a solution that provided acquisition financing and [capital expenditure] funds uniquely suited to match with Icer Properties’ business plans for the portfolio,” Pollack said. “As Icer Properties continues to become a major force in the multifamily space, Meridian looks forward to continuing to aid in this growth.”
Representatives for Arbor and Icer did not immediately return requests for comment.
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