Myrtle Beach, SC – Abe Mann secured $3,250,000, representing an 80% LTC, for a client to acquire a package of three multifamily properties in Myrtle Beach, SC. The subject properties were recently renovated and 95% leased at the time of acquisition.
Abe Mann negotiated the amount and terms of the permanent mortgage with a regional bank. The loan includes a 7-year fixed-rate at 4.45% with no prepayment penalty. The borrower was very please with the execution of Abe’s team, as the loan was committed in 30 days.
Progress Capital Advisors is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $150 Million through their direct lending platform.
$86 Million Secured for Construction of UES Community Center
$26,250,000 Negotiated for Construction of Multifamily Building at Former Fairmount Hospital in Jersey City
$15,000,000 Line of Credit Arranged for NJ Multifamily Acquisitions
$2,300,000 Funded by Progress Direct for Acquisition of Vacant Jersey City Gas Station
$36 Million Negotiated in Refinance of Two NY Storage Fox Facilities