Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $6.75 million to refinance a multifamily property located in Greenville, South Carolina.
Lakewood on the Saluda is located at 4B Shore Drive and is a 104‐unit, garden‐style apartment community. The property was built in 1974 and is situated on 81 contiguous parcels totaling 28.62 acres. Lakewood on the Saluda consists of 52, one‐story buildings, and has 208 surface parking spaces.
The loan term is 10 years with a 30‐year amortization. Yield maintenance will apply during the first 114 months with a 1% prepayment thereafter with the last 90 days open.
“Lakewood on the Saluda has been well maintained, as the borrower has been proactive at maintaining and updating the property and has invested over $140,000 into the property each year for the past three years,” noted Josh Messier, Managing Director at Hunt Real Estate Capital. “The borrower has 27 years of experience in owning and managing multifamily real estate properties and purchased the property in 2014.”
The property is located approximately 5 miles west of the Greenville Central Business District. The southern border of the neighborhood is US Highway 123, the western border is Saluda Lake, the northern border is Farris Bridge Road, and the eastern border is US Highway 25.
The neighborhood maintains an adequate mix of residential and commercial properties with support developments including shopping centers, franchise restaurants, service stations, convenience stores, office buildings, and recreational areas. The demographics of the neighborhood show strong levels of expansion in population and households, typical of growing areas in suburban locations.
“The borrower is a repeat Hunt Real Estate Capital and Fannie Mae client,” added Messier. “In 2016 we provided an adjustable-rate loan to refinance the Sponsor’s acquisition loan and we were pleased to partner with them again to help manage their portfolio financing needs.”