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
Hunington Closes on Construction Loan for 279-Unit Katy Apartment Development
Huntington Properties secured its financing, enabling it to begin work on The Vic at Sunterra, a 279-unit multifamily community in Katy. The $47 million, HUD 221(d)(4) non-recourse financing provides a high loan-to-cost ratio and substantial proceeds, with a 24-month interest-only period, followed by a fully amortizing 40-year term providing the borrower long-term stability and predictable...
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Walker & Dunlop Closes $631M Portfolio Refi for IMT Capital
Walker & Dunlop, Inc. said Monday it arranged $630,618,000 in fixed-rate loans from Fannie Mae to refinance nine multifamily properties across six states on behalf of IMT Capital. The portfolio totals 3,528 units in Florida, Arizona, Texas, Colorado, California and Tennessee. A Walker & Dunlop Capital Markets Real Estate Finance team led by Cory Wizenberg,...
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Development Group Scores Financing for 502-Unit Fort Lauderdale Apartment Complex
The Fuse Group and KREA Developments landed a $127 million construction take-out loan for The Arcadian, a recently delivered 502-unit Fort Lauderdale multifamily community. Berkadia’s Scott Wadler, Brad Williamson, Bobby Dockerty, and Nicholas Horowitz of Berkadia Miami arranged the financing on behalf of the joint venture. Madison Realty Capital provided the loan. Located at 640...
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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