Financing For South Carolina Multifamily Community Acquired
Aug 08, 2018 04:25PM ● By Kathleen Maris
Grandbridge Real Estate Capital recently closed a $14,175,000 first mortgage loan secured by Park at Boulder Creek Apartments, a 272-unit multifamily community in Columbia.
Grandbridge Atlanta-based Senior Vice President Alan Tapie originated the acquisition financing for a repeat client. The permanent, fixed rate loan was purchased by Freddie Mac. The nonrecourse financing was structured with a 7-year term and 30-year amortization, closing with an interest rate in the mid four percent range.
“The acquisition represented an opportunity for the client to take advantage of a stable cash flowing asset and hedge their interest rate risk with a seven-year fixed rate loan. The 17.6-acre garden style community is comprised of 17 two-story residential buildings, a clubhouse/leasing center, and laundry building. Community amenities include a swimming pool, clubhouse, fitness center, and playground,” Tapie said.
Grandbridge Atlanta-based Senior Vice President Alan Tapie originated the acquisition financing for a repeat client. The permanent, fixed rate loan was purchased by Freddie Mac. The nonrecourse financing was structured with a 7-year term and 30-year amortization, closing with an interest rate in the mid four percent range.
“The acquisition represented an opportunity for the client to take advantage of a stable cash flowing asset and hedge their interest rate risk with a seven-year fixed rate loan. The 17.6-acre garden style community is comprised of 17 two-story residential buildings, a clubhouse/leasing center, and laundry building. Community amenities include a swimming pool, clubhouse, fitness center, and playground,” Tapie said.