Fairway Residential, a real estate investment company that focuses on single family homes and lots, recently announced its partnership with Southeast Capital Partners, intown Atlanta’s most active residential developer to eliminate the debt on The Gramercy Townhomes at Perimeter Place.
The move has allowed home prices to be brought down within reach of the consumer, thus removing the threat of bank action due to non-performance on the original note. This bold move has ignited activity with nearly 20 sales in the last 45 days alone. With only 17 remaining homes for sale, the community should be successfully closed out by year’s end.

Two years ago, homebuyers were lined up to purchase a beautiful new home at The Gramercy Townhomes developed by Southeast Capital Partners. Encouraged by the success of its predecessor, The Manhattan, Gold Winner for Community of the Year nationally, there was no doubt that The Gramercy would be another homerun for the developer and the consumer alike due to its desirable location.

Enter the housing crisis. Lack of consumer confidence along with vanishing mortgage programs forced the values of this community, along with many others, into decline. Since its inception, prices at Gramercy have been reduced in excess of $100,000 from original prices and FHA financing is now available, requiring only 3.5 percent down.
The pool amenity should be underway by December, pending permitting, with an anticipated completion date of April 2010.

Fairway Residential focuses on acquisition and development of residential homes and lots. The company acts as a lender through loan acquisitions or direct originations. In addition, the company buys fee simple real estate assets and manages the development, repositioning, and sale of the homes.

Since 2007, Fairway Capital has purchased over $100MM in residential real estate or real estate loans primarily in the greater Atlanta market with an additional focus on Florida. Their experienced team allows Fairway to diligently underwrite opportunities efficiently, perform effectively, and close quickly; while maintaining the highest levels of professionalism and discretion toward their banking relationships. That combination put together with their strong balance sheet allows all cash closings in a timely fashion.

In 2009, Fairway Capital formalized a venture with Todd Terwilliger to form Fairway Residential in Atlanta. Todd's experience in residential land acquisitions and operations for a national homebuilder strengthens Fairway's reach into the metropolitan Atlanta market. Todd manages teams of sales professionals and oversees construction managers who complete partially completed homes and developments.