$16,400,000 Secured in Refinance of South Carolina Multifamily Portfolio
Abe Mann secured $16,400,000 to refinance a package of six multifamily properties located in Myrtle Beach, South Carolina. The properties totaled 220 units and were all acquired in the last 24-36 months. After extensive renovations and an increase to the NOI, the sponsors approached Abe with a desire to cash-out and refinance their current debt with long-term fixed rate financing.
Abe Mann negotiated and secured the following key terms:
- 75% LTV
- 4.40% fixed for 12 Years
- 2 Years Interest Only
- 30 Year Amortization
- 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 treasury yields decreasing, the borrower saw a 30 bps decrease to the interest rate compared to the rate presented on the LOI.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress