Warner Robins, GA, June 24, 2016 – The Colliers Philadelphia Capital Markets team led by John Banas and Kris Wood arranged $19,600,000 in financing for the acquisition of Sandpiper Apartments, a 530-unit multifamily apartment complex in Warner Robins, Georgia.
The team secured the financing for a 30-year loan at an interest rate of LIBOR + 2.44%. “This was an existing client venturing into a new market,” said Banas. “It represented a great, stable opportunity with significant value add.”
In addition, the Philadelphia Capital Markets team also arranged a joint venture equity partner to co-invest with the sponsor.
“We were able to arrange a new partnership based on our team’s recognition of the two groups alignment of interests,” said Wood. “We look forward to the new venture working together on many future opportunities.”