Barings Provides Acquisition Financing on Multifamily Property Eleven 85
CHARLOTTE, N.C., Aug. 22, 2022 /PRNewswire/ — Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided a bridge loan to finance the acquisition and renovation of Eleven 85, a 288-unit multifamily property located in Atlanta, G.A., partnering with TerraCap Management, a privately held investment firm headquartered in Naples, F.L., who acquired the asset.
“We are excited to work with TerraCap Management to acquire a high quality multifamily property strategically located on the Upper Westside of Atlanta,” said Ryan Naumes, Director with Barings. “This investment is another example of Barings’ value-add real estate investment strategy which focuses on providing flexible capital to high quality sponsorship in high growth markets. As an extension of West Midtown, this location continues to see strong tenant demand with new inbound jobs in the immediate area and connectivity to all of Atlanta’s major employment centers.”
Eleven 85 offers top-of-the-line amenities including a resort-style pool, an outdoor kitchen with grilling stations, and a clubroom lounge with Wi-Fi. The apartment complex consists of a mix of one, two, and three-bedroom units and provides tenants with amenities, including designer kitchens with energy efficient appliances, walk-in closets, and private outdoor spaces with courtyard views.
The financing from Barings has a three-year term and includes future funding to complete unit and amenity renovations. This financing expands Barings’ $27.8+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate in strategic locations in North America and Europe.