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Wednesday, 05 May 2010

Waterton Takes Over Atlanta Apartments After Buying Loan

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Waterton Residential has taken title to Uptown Square, a 363-unit apartment complex in Atlanta, after buying a $40 million construction loan on the property from Regions Bank.

The Chicago investment manager's Waterton Residential Property Fund X, which has $222 million of equity for apartment investments, took over the property and financed it with Freddie Mac debt provided through Deutsche Bank Berkshire Mortgage. Freddie will securitize the loan in the coming months.

Uptown Square was developed by Lane Co. and Dawson Co., both of Atlanta, four years ago. The property is part of the Lindbergh City Center, a mixed-use complex developed by a group led by Carter & Associates that includes another apartment complex, office space, restaurants and a night club.

The Uptown Square property has a mix of studio, one- and two-bedroom units with up to 1,230 square feet. It has an outdoor swimming pool, fitness center and covered parking garage. And it is next to the Lindbergh Center mass-transit station, the second busiest in the Metropolitan Atlanta Rapid Transit Authority system.

Waterton, which has been targeting the acquisition of construction loans as a way of gaining title to their collateral, had acquired the debt on the property late last year. The loan was sold through Engler Financial Group of Alpharetta, Ga. It then struck a deal with Dawson, keeping the company on as a partner in the entity that took over the property.

Waterton said it plans to renovate the property's lobby and leasing office and upgrade common areas.

Comments? E-mail Orest Mandzy or call him at (267) 247-0112, Ext. 211.

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Atlanta
  • States: Georgia
  • Sector: Multifamily
  • Subject: Loan Offerings (LOAN), Property Management (MGMT)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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