DealMaker of the Day  (Via Email)

MBA (9/15/2005) Murray, Michael

Bulls Capital Partners LLC, Vienna, Va., closed an acquisition loan of $85.5 million to RREEF on behalf of an institutional client, for purchase of a 1,738-unit apartment development in Smyrna, Ga.

RREEF acquired the property from Post Properties for $132.5 million. The loan, secured by Post Village Apartments, was funded through assumption of three existing tax-exempt bonds totaling $47.5 million and issuance of a new $38 million taxable loan, structured as a Fannie Mae ARM. Bulls Capital Partners underwrote, closed and funded the transaction in 45 days.

Hank Harris, managing director of SunTrust Capital Markets, originated the loan. Herman Bulls, president and CEO of Bulls Capital Partners, said Bulls Capital assessed RREEF's financing needs, evaluated numerous structuring alternatives and provided a financing solution through a "very demanding underwriting and closing schedule." Paul Berry of CB Richard Ellis represented RREEF in the transaction.

Post Village Apartments, which will be renamed The Village of Lake Park, is in Cobb's Cumberland/Galleria submarket. RREEF said the property will undergo a restoration. Post Properties built Post Village Apartments in five phases, from 1983 to 1988. Post Village Apartments provides a mix of studio and one to three bedroom units, with an average size of 906 square feet. Unit amenities include storage areas, fireplaces, patios or balconies and ceiling fans.

Property features include a leasing center, seven swimming pools, 11 tennis courts, car wash services, a dry cleaning drop off, on-site and a cardiovascular fitness center open to all residents.

A separate fitness center encompasses 11,000 square feet and includes an indoor track, fitness equipment and aerobics room. Residents also have access to a 25 acre nature reserve and a 2.5 mile jogging trail.