$14.5 Million Secured in Multifamily Refinance Package
South Carolina – Abe Mann secured $14,500,000 to refinance a package of two Multifamily and Student Housing properties located in South Carolina. Consisting of 110 units in Myrtle Beach and 50 units located in Conway, the properties were both newly built and recently acquired.
After an increase to the NOI, the sponsors approached Abe to provide maximum cash-out and refinance their current debt with long term fixed rate financing.
Abe Mann negotiated and secured the following key terms:
- $14,500,000
- 75% LTV
- 3.45% fixed for 12 Years
- 30 Year Amortization
- Non-Recourse
- Over 100% Cash-Out of initial equity investment
The sponsors were very pleased with the execution of Abe’s team, as the loan was committed and closed in a timely manner. In addition, due to a sharp decline in treasury yields the borrower was provided a 50 bps decrease to their interest rate compared to the rate presented on the LOI.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best financing options available in the market.
