Fannie Mae Backs Westside Lease-Up With $43.5M Loan: The Atlanta Deal Sheet
BisNow, by Jarred Schenke, Atlanta
Owners of a West Midtown multifamily development lined up fresh financing to fuel its lease-up.
Lincoln Property Co. and Bridge Investment Group landed a $43.5M Fannie Mae loan for the Vibe at Echo Street West, a 292-unit multifamily property in the larger Echo Street West development just west of Georgia Tech.
The partnership broke ground on the Vibe in 2021 and delivered the apartments in 2023, backed by a $135M construction loan from Bank OZK, court filings show.
CBRE’s Blake Cohen arranged the financing.
Lincoln unloaded its 275K SF timber office at 765 Echo St., a 21K SF loft at 745 Echo and a 9K SF restaurant at 755 Echo in December to Menlo Equities, fetching prices in the low $200s per SF — far below the $450 per SF it cost to build.
SALES
In Atlanta’s historic Capitol View neighborhood, JW Capital Management bought the 325-unit Vivian apartments from RangeWater Real Estate and ParkProperty Capital. Terms weren’t disclosed.
Property records show Fulton County valued 1246 Allene Ave. at $52M in 2025. JW Capital financed the deal with a $47M KeyBank loan in August, state court filings indicate.
RangeWater developed The Vivian in 2023.
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Marcus & Millichap said a Boca Raton investor sold the 80K SF MiMedx headquarters building in Marietta for $12.9M.
Cobb County records show Georgia RE Fields of Boca Raton acquired the building in 2018 for $9.7M. State filings list Atlanta-based Medical Properties Holdings as the buyer in the latest deal.
The deal at 1775 West Oak Commons Court was brokered by Marcus & Millichap’s David Gant, Lori Schneider and John Leonard.
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The Atlanta Business Chronicle reported Penler acquired the 288-unit Eleven 85 Apartments off Collier Road for $67M. Records show the property last sold in 2022 for $91M.
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New York-based Fortress Investment Group acquired UPS’s Alpharetta headquarters for $93.2M in a sale-leaseback, the Atlanta Business Chronicle reported. CoStar said the deal was part of a $368M portfolio trade that also included UPS industrial sites in California and Illinois.
DEVELOPMENT
Backed by a $15M equity injection from American South Capital Partners, R.H. Ledbetter Properties is moving forward on Carrollton Flats, a 236-unit development in Carrollton. The $49M project is set to deliver in 2027’s second half.
PERSONNEL
Avison Young hired longtime CRE broker Ted Schwartz as senior vice president in Atlanta. Schwartz, who most recently worked at Carter Hill Advisors, earned the Atlanta Commercial Board of Realtors’ Silver Phoenix Award in 2018.
