CBRE Capital Markets Arranges Financing for Apartments in Graniteville
Oct 27, 2017 08:04AM
By Emily Stevenson
CBRE Capital Markets has secured $9.67 million for the refinance of The Summits Apartments, a garden-style multifamily project consisting of 120 market-rate units in Graniteville, S.C.
The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) pursuant to Section 223(a)(7) streamline refinance mortgage insurance program providing a 40-year, fully-amortizing permanent loan.
Monica Newman of CBRE’s Debt & Structured Finance team in Denver originated the loan through CBRE’s FHA lending platform on behalf of the borrower, Greenville Park West, LP, which is managed by Hudson Capital Investments, LLC.
The property is located at 2170 Jefferson Davis Highway in Graniteville, SC. The three-story project includes a mix of two-bedroom and two-bedroom units. The project was constructed in 2012 under the Section 221(d)(4) program and consists of five residential buildings, one accessory building, with a total of 193 surface parking spaces. The Summits Apartments is conveniently located between Aiken, SC and Augusta, GA.
The community amenities include a clubhouse, grilling stations, outdoor fire pit, fitness center, BBQ area, swimming pool, controlled entry, and a playground. The property is being managed by Stonemark Management.
Hillary Blevins, Managing Member of Hudson Capital Investments, LLC, stated, “Working with Monica Newman and the CBRE team is always a pleasure. This was our third multifamily transaction with them and we have already started the 4th. The entire team is there with each step of the application process making it seamless and helping us achieve our goals.”
CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.