Closed Loans

Abe Mann Secures $2.65 Million Refinance for Myrtle Beach Apartment Complex

$2.65 Million Refinance for 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

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