Abe Mann Secures $2.65 Million Refinance for Myrtle Beach Apartment Complex
On behalf of a repeat client, Abe Mann closed a $2,650,000 loan to refinance Chicora Apartments, a 34-unit property located in South Carolina. Since its acquisition in 2018, the sponsors completed a strong lease-up schedule to bring rents up to market-rate.
Abe successfully arranged the Non-Recourse permanent financing with the following key terms:
- 75% LTV
- 3.90% fixed for 12 Years
- 2 Years Interest Only
- 30 Year Amortization
- Non-Recourse
- 100% Cash out of initial equity investment
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