Investment Firm Faces Foreclosure Process at Assisted Living Center in Marietta, Georgia

An investment firm from Bahrain is facing foreclosure due to the default on a loan linked to an assisted living complex in the city of Marietta in Cobb County. 

According to a foreclosure notice filed in Cobb County, CWCapital Asset Management has initiated foreclosure on a $19 million loan secured by Arbor Terrace East Cobb in Marietta, Georgia.

According to Cobb County records, the borrower, Terrace East Cobb Propco SL-VI LLC, is a company registered under the name of a corporate services agent in Melville, New York, and an affiliate of the U.S. investment division of Bahrain-based firm Arcapita. This entity purchased the 90-unit property for over $29 million in 2016. 

CBRE Capital Markets facilitated the sale of Arbor Terraces in East Cobb as part of a $77 million portfolio deal, which also included Arbor Terrace Peachtree City, another 146-unit complex.

As stated in the foreclosure notice, Arcapita did not pay the loan that matured on October 1, and it was transferred to CWCapital nine days after maturity. After some discussions and meetings, an agreement was reached to schedule the foreclosure auction at the Cobb County Courthouse. 

Following this, a spokesperson for Arbor Terrace East Cobb stated that operations at the senior living residence, which offers up to 785 housing units and currently has a 78% occupancy rate, would continue as usual.

Available Foreclosures: 

Marietta: 1 home available.

Downtown Atlanta: 1 home available.

Piedmont Heights: 1 home available.

By Elías DaSilva | 13 de Noviembre de 2024.