Chelsea Gardens Apartments Bridge Loan and Foreclosure
One of 10,000+ projects Taiyo tracks in Georgia.
Source: The Real Deal
The project involves the Chelsea Gardens Apartments, a 474-unit apartment complex in College Park, Georgia. The owners, brothers Yisroel and Hanoch Cimerring, purchased the complex in 2022 for nearly $45 million using a $37.1 million bridge loan from an Arbor Realty Trust affiliate. The loan was intended as a two-year bridge loan with the expectation of refinancing through a Fannie Mae loan. Howev
- Status
- Failure
- Sector
- Bridge, Residential, Commercial
- Location
- College Park, Georgia, United States of America
- Updated
- 22 Jul 2026
- Source
- The Real Deal
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Project Information
Participants
| Not available for this record. |
Status
Original status | foreclosed |
Taiyo status | Failure |
Taiyo last update | 2026-07-22 |
Contact
| Not available for this record. |
Description
Description | The project involves the Chelsea Gardens Apartments, a 474-unit apartment complex in College Park, Georgia. The owners, brothers Yisroel and Hanoch Cimerring, purchased the complex in 2022 for nearly $45 million using a $37.1 million bridge loan from an Arbor Realty Trust affiliate. The loan was intended as a two-year bridge loan with the expectation of refinancing through a Fannie Mae loan. However, due to disputes over property repairs and refinancing conditions, the property went into foreclosure and was purchased by an Arbor affiliate at auction for $40 million. |
Original sector | Commercial |
Budget |
Location
Country | United States of America (USA) |
State | Georgia |
City | College Park |
Source
Source | The Real Deal |
URL |
More Details
Record type | Project |
Sector | Bridge, Residential, Commercial |
Article published date | 2026-07-19 |
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