PROGRESS CAPITAL | Myrtle Beach, SC – $2,650,000
19096
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Myrtle Beach, SC – $2,650,000

Category
Multi-Family
About This Project

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

 

Myrtle Beach, South Carolina –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 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.