TerraCap Management has turned over ownership of Crestmont Residences, a 228-unit apartment complex at 500 Williams Drive in Marietta, to its lender, CBRE Global Investors. The transfer was recorded this month and moves the garden-style community off the Florida-based investor’s books and into the lender’s control.
Deed-In-Lieu Recorded, Lender Takes Title
According to Bisnow, TerraCap conveyed Crestmont through a deed-in-lieu of foreclosure filed with the Georgia Superior Court Clerks’ Cooperative Authority. Tax documents list CBRE Global Investors as the recipient and show an approximate transfer value of $35.8 million, or roughly $157,000 per unit. The loan tied to the property was scheduled to mature on March 9, 2026, and Cobb County records cited in the filing put the county assessment at about $12.9 million for 2025.
Price Paid And Debt Timeline
Public sale records indicate TerraCap acquired Crestmont in December 2021 for about $49.9 million, per Redfin. In early 2022, CBRE arranged a $38 million floating-rate acquisition loan for the deal, with an initial four-year term and options to extend, according to REBusinessOnline. Marketing materials at the time described Crestmont as a circa-1986 class-C community with one- and two-bedroom units…