News
SAVED!
August 10, 2010
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| Cortland Partners is bringing new life to a distressed DeKalb County apartment community. On July 22, Cortland closed on the funding for a $9.5M renovation of a multifamily community it purchased at foreclosure. The amount includes a $3.2M construction loan from State Bank and Trust Co. and $4.9M in Neighborhood Stabilization Program funds. We hear this is the first time NSP funds have been used for a multifamily property in DeKalb. ?Purchased below historic land values, this property was on its way to demolition,? Cortland Partners president Steven DeFrancis says. Dramatic, right? | |
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| Here?s a post-renovation rendering of the 168-unit property, to be named Avalon on Montreal. Cortland acquired the foreclosed community, formerly named Cedar Pines Apartments, April 6 for a little over $1M. The renovation, now underway, will take 12 months. Plans for the interiors include new cabinets, appliances, plumbing and electrical fixtures, floors, and finishes. The clubhouse will be renovated and expanded, the swimming pool will be re-done and an old tennis court will become a playground and community area. Exteriors will be modernized with new siding and roof designs. |
