PROGRESS CAPITAL | Myrtle Beach, SC – $16,400,000
18874
portfolio_page-template-default,single,single-portfolio_page,postid-18874,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-2.7,wpb-js-composer js-comp-ver-5.4.7,vc_responsive

Myrtle Beach, SC – $16,400,000

Category
Multi-Family
About This Project

$16,400,000 Secured in Refinance of South Carolina Multifamily Portfolio

 

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:

  • 75% LTV
  • 4.40% fixed for 12 Years
  • 2 Years Interest Only
  • 30 Year Amortization
  • Non-Recourse
  • 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 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.