Glenfield Capital provided a first mortgage loan to local builder Cypress Communities to acquire the remaining townhome sites known as SERA at Lindbergh from Wells Fargo. The bridge loan will assist Cypress with closing, as Cypress prepares for permitting, finals plans and construction financing.
The townhome sites are part of a $145 million mixed use project originally planned for 400 apartment units, 275 condo units and 114 townhomes on Lindbergh Drive. Cypress plans to build fee simple townhomes with prices at $300,000. Cypress is a local builder with current developments ongoing in suburban Atlanta.