Charlotte-Area Apartment Owner Inks $64M Refi
Signature Property Group refinanced Elevate Rocky River, a 360-unit rental community near Charlotte. Regions Bank arranged the $64 million Freddie Mac Loan.
The loan replaces a prior construction loan, following property stabilization, with a permanent debt solution. The community, in Monroe, North Carolina, offers one- and two-bedroom floor plans, is pet-friendly, and features modern, refined amenities and finishes.
Financing was secured through the Freddie Mac Optigo Conventional Loan program, which supports acquisitions and refinancings of market-rate and affordable multifamily properties. It provides loans for both the acquisition and refinance of market-rate and affordable multifamily properties. Loan terms include the following: 10-year fixed-rate, 35-year amortization, 1.20x debt service coverage ratio (DSCR), 70% loan-to-value (LTV) and partial term interest-only payment.
Other News
OHT Helming 402-Unit Austin Rental Community
OHT Partners broke ground on The Barton, a 402-unit multifamily community on more than 60 acres in Southwest Austin. Located at 8956 W. State Highway 71, The Barton will feature a mix of three-story garden-style buildings and two-story townhomes with more than 40 acres designated as green space. Design features include large floor plans, private yards and...
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Woodfield Acquires West Palm Beach Condos at Auction
Avison Young and Fisher Auction completed the sale of all of the units and the .32-acre clubhouse/pool parcel of the 84-unit, 13-building condominium community located at 2800 Georgia Avenue in West Palm Beach, Florida. Woodfield Development was the top bidder at $13.5 million. The development was over $1.5 million behind in paying its water bills....
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CBRE Arranges Financing for Rent-Stabilized Midwood Multifamily
CBRE originated a $15-million loan for a 175-unit rent-stabilized multifamily property located at 430 and 499 E. 8th St. in the Midwood section of Brooklyn. The financing was secured on behalf of ARM Management through Four Leaf Credit Union. The CBRE Capital Markets team of Judah Hammer, Jeff Feldman and Jack Hayes arranged the refinancing...
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout