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Saratoga Capital buys 336-unit Generation Atlanta for $98.4M
The deal follows a foreclosure auction on Aug. 4, after the prior owner defaulted on a $104.4M loan that was linked to Arbor Realty Trust and later transferred to an LLC including Synovus Bank.
Bisnow reports that New York-based Saratoga Capital Partners has purchased Generation Atlanta, a 336-unit, 17-story apartment tower at 369 Centennial Olympic Park Drive, for $98.4M at a foreclosure auction on Aug. 4, citing Georgia court records.
The seller was described as an embattled borrower, and Bisnow says the prior owner, Quebec-based Frankforter Group, had held a $104.4M loan. That loan was originally executed by Arbor Realty Trust, then transferred in 2024 to a new LLC that included Synovus Bank, and it had been set to mature in December, according to property data cited by Bisnow.
Bisnow adds that an affiliate of the lenders, an LLC titled Generations Property Owner, moved to foreclose after Frankforter defaulted, including missing debt-servicer obligations and failing to maintain at least $7.4M in liquidity, as previously reported by the outlet. Foreclosure documents also show the loan maturity date was revised in May of that year.
The article also notes Saratoga’s entry into urban multifamily in Metro Atlanta, with the company saying it owns 10 other metro properties mainly in suburban settings. Invest Atlanta approved a $4M tax allocation district grant in March of last year for Frankforter to convert 66 units into affordable housing, and Bisnow says the conversion is still slated to proceed under a land-use restriction agreement even though the work was not completed.