Abe Mann Negotiates 80% LTC for Acquisition of 50 Unit Multifamily Portfolio in South Carolina
Abe Mann secured $3,250,000, representing an 80% LTC, for a client to acquire a package of three multifamily properties in Myrtle Beach, SC. The subject properties were recently renovated and 95% leased at the time of acquisition.
Abe Mann negotiated the amount and terms of the permanent mortgage with a regional bank. The loan includes a 7-year fixed-rate at 4.45% with no prepayment penalty. The borrower was very please with the execution of Abe’s team, as the loan was committed in 30 days.
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