Online market place for real estate investing, RealtyMogul.com, has announced that it has originated a $49 million bridge loan sponsored by Elite Street Capital to facilitate the acquisition of the Metropolitan at Buckhead Apartment building in Buckhead, Georgia.
According to their press release posted in Business Wire, the said bridge loan is structured with expenditure and interest reserve in order to allow the extensive rehabilitation plans of Elite Street Capital to the Building.
"We were excited to partner with Elite Street Capital to originate the largest online marketplace bridge loan for a commercial real estate transaction," said Jilliene Helman, CEO of RealtyMogul.com.
RealtyMogul.com is a website operated by Realty Mogul, Co. Equity securities are offered through WealthForge, LLC, a registered broker/dealer and a member of the FINRA/SIPC that connects borrowers and sponsors to capital from accredited and institutional investors. Through their online platform, RealtyMogul.com gives borrowers access to debt capital, sponsors access to equity capital and investors tools to browse investments, perform due diligence and invest online. They also offer fix-and-flip loans, bridge loans, permanent loans and joint venture equity.
"As a marketplace leader, this deal demonstrates not only our ability to attract quality sponsors, but also our capability to execute on large-balance loans," said Helman. "RealtyMogul.com saw this transaction as an opportunity to finance a property located in a Class A submarket with a defendable basis and a clear path to stabilization."
The Metropolitan at Buckhead is a 431-unit, Class B apartment building that has amenities such as pools, a fitness club, a coffee bar with Wi-Fi, and 24-hour emergency maintenance services. It is ideally located across Lenox Mall in Atlanta and is within walking distance to Lenox Square, Phipps Plaza and the Lenox MARTA station.
RealtyMogul.com is intended only for accredited investors (for persons residing in the U.S.), and for persons residing abroad in jurisdictions where securities registration exemptions apply.
For more information about RealtyMogul.com, please visit www.realtymogul.com.
