Commercial Real Estate Direct Staff Report
The Independence Place Apartments in Hinesville, Ga., near the Fort Stewart army base, has been sold for $18 million.
The transaction has resulted in a loss of $8.4 million to the $26 million CMBS loan against the nine-year-old property at 1300 Independence Place Drive, whose sale was brokered by Marcus & Millichap. The loan was securitized through GS Mortgage Securities Corp. II, 2012-GCJ7.
Its collateral property had been owned by Place Properties, an Atlanta specialist in student and military housing. It hadn't performed as well as had been expected when the loan was...
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