Villas by the Lake Apartments

Location: Jonesboro, GA
Type: Multifamily
Price: $ 9,500,000

SMC provided a $9,500,000 loan to finance the Borrower’s acquisition of Villas by the Lake Apartments via an REO sale through Auction.com. Built in 2003, the Property consists of twelve two- and three-story buildings plus a freestanding resort-style clubhouse. The Property also includes a large pool, tennis courts, detached garages, controlled access gates, and lake views. At closing, occupancy was 96%.