Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $4 million Fannie Mae loan to refinance a multifamily property located in Greenville, South Carolina.
Lakewood on Saluda is a 104-unit multifamily property, located at 4B Shore Drive. This garden-style multifamily complex was built in 1974 and is comprised of 52 one-story residential duplex units.
The borrower is Victoria Apartments, Inc., a Florida corporation. The loan is a Tier 2++ 7-6 Fannie Mae ARM loan with a 7-year loan term, 1 year lockout period and 1% pre-payment penalty thereafter, and a 30-year amortization schedule. “The Borrower was looking for a flexible financing alternative while reducing interest rate risk. The Fannie Mae 7-6 ARM product was perfectly aligned with the Sponsors business plan and we were able to execute in a timely and efficient manner.
“The Sponsor purchased Lakewood on Saluda in May 2014 and has invested heavily in capital improvements including: HVAC replacements, interior upgrades, installation of new windows and landscaping,” noted Josh Messier, Vice President at Hunt Mortgage Group. “”He is a seasoned investor with more than 24 years of multifamily ownership experience.”
Lakewood on the Saluda is currently 100% occupied and has an average 12-month occupancy of 98%. The property currently houses two Section 8 tenants. Property parking consists of 208 spaces in paved “driveways” fronting each building.
The subject is located in the growing Greenville-Anderson-Mauldin MSA which is comprised of Greenville, Anderson, Pickens, and Laurens Counties. Population growth is expected to remain steady and this MSA is one of the strongest in the South. Many quality employers are located near-by, including General Electric, BMW and Michelin.
“Demand for multifamily is high in this strong submarket,” added Messier. “We were pleased to deliver quickly and efficiently for such a quality sponsor. Customer service and a happy client experience is key to our continued success”