Myrtle Beach, SC – 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:
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 leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.