Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan in the amount of $12.4 million to refinance a multifamily property located in Charleston, South Carolina.
James Towne Village is a 112-unit apartment community comprised of nine two- and three-story buildings. The property was developed in 1980 and is situated on a 7.58 acre parcel of land.? The property offers 200 parking spaces and currently has seven vacant units.
The borrower is New James Towne Village Apartments, LLC, a South Carolina Limited Liability Company, backed by key principals James J. Kerr, Sr. and James J. Kerr, Jr. The loan term is 12-years with no interest only.? Yield maintenance will apply during the first 11.5 years with a 1% prepayment fee thereafter with no fee due for the last 90 days.
“They purchased the property off market in January of 2016 and have invested $1.1 million in capital improvements since acquisition, including new roofs and siding and upgraded amenities,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The property is benefiting from Green Pricing because the property achieved Green Globes certification and all pricing and credit terms were based on that premise.”
“The borrowers are trusted local businessmen and seasoned commercial real estate and multifamily investors with more than 65 years of combined experience,” added Cullen. “We were pleased to partner with such a quality local real estate sponsor on this deal and help them recoup their well-earned equity.”
Kathy Anderson of the Bank of North Carolina brokered the transaction to HMG.
Property amenities include a clubhouse that contains the property’s leasing center as well a laundry center, tennis court, dog park, playground and swimming pool.