Capital One Brokers $9M Loan for SC Community
The loan was used for the acquisition of The Terrace at Butler, a 132-unit property in Greenville. New York-based Ladder Capital provided the loan for Engel Realty Co.
By Laura Calugar
Capital One’s Birmingham, Ala., office brokered a $9.3 million fixed-rate loan for the acquisition of The Terrace at Butler, a 132-unit community in Greenville, S.C. According to Yardi Matrix data, Engel Realty Co. purchased the asset in May for $13.5 million from BH Equities, using the loan provided by Ladder Capital, a commercial lender based in New York. The 10-year fixed-rate loan has two years of interest-only payments, followed by amortization on a 30-year schedule.
Located at 771 East Butler Road in the Mauldin, S.C., submarket, The Terrace at Butler is in close proximity to Interstate 385 and at a seven-minute walk from Mauldin High School. Built in 1997, the property features 12 one- and 120 two-bedroom units. Amenities include a 24-hour fitness center, business center, clubhouse, playground, swimming pool and 265 parking spaces. Since 2012, about 70 of the units have been renovated.
Chad Thomas Hagwood, senior vice president who leads Capital One Multifamily Finance’s Southeast region, originated the transaction.
“Chad Hagwood and his team have originated more than $250 million in financing for Engel over the past 10 years. In every case, the loans were closed as expected and on time,” said William Butler, Engel Realty Co. President & CEO, in prepared remarks.
Image courtesy of Yardi Matrix