Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $13 million Fannie Mae loan to finance the acquisition of a multifamily property located in Columbia, South Carolina.
Waters Edge at Harbison is a 204-unit garden-style apartment community built in1996 and is currently 95% occupied. The property consists of 15 two- and three-story residential apartment buildings across 17.42 acres. The property is located at 250 Crossbow Drive.
The loan term is 10-years with amortization based on a 30-year schedule with three-years of interest only. The borrower is Waters Edge Apartments LLC, a Florida limited liability corporation backed by Chris Finlay, CEO of Lloyd Jones Capital, LLC.
“The borrower is a seasoned commercial real estate and multifamily investor and developer,” noted Chad Musgrove, Vice President, at Hunt Mortgage Group. “Waters Edge at Harbison is in good condition and in an area strongly supporting multifamily rentals. We were pleased to deliver quickly and efficiently for such a quality sponsor. Customer service is key to our continued success.”
Columbia, South Carolina benefits from a diversified economy. Major local employers include Blue Cross and Blue Shield of South Carolina, Palmetto GBA, and the University of South Carolina. “The economic outlook for Columbia is positive,” added Musgrove.
Population in the area is projected to grow over the next five years, vacancies are expected to decrease, and employment is expected to flourish. This bodes well for Columbia, as it will continue to provide an economic base to support the demand for housing in the area.
The Waters Edge at Harbison deal was closed by the Miami office of Hunt Mortgage Group.
We opened our Miami office in mid-2014 to serve the growing commercial real estate finance needs in Florida and the southeast,” noted Musgrove. “Our Miami-based team has vast knowledge about the local real estate market and is quickly establishing the Hunt Mortgage Group brand in the region. We are actively applying our creative financing abilities to serve local clients in the southeast.”