New Charleston Asset Receives $32M Freddie Mac Loan
Grandbridge Real Estate Capital closed the 11-year, non-recourse financing for an upscale property completed last year.
Grandbridge Real Estate Capital has arranged a $31.5 million first mortgage loan for Crowne at Live Oak Square, a 282-unit community in Charleston, S.C. Freddie Mac holds the permanent, fixed-rate non-recourse financing. The loan has an initial period of interest-only, an 11-year term and 30-year amortization.
Located at 3112 Maybank Highway in Johns Island, the property is within a 10-mile drive of downtown Charleston and right across the street from a retail center. Built in 2017, the Class A asset comprises 11 three- and four-story buildings. According to Yardi Matrix data, 29 units are affordable. Amenities include:
- swimming pool
- grill area and cabana
- fitness center
- media center
- hiking trails
- pet spa
- 380 parking spaces
Earlier this summer, Grandbridge Real Estate Capital also closed a $21 million first mortgage loan for Stuart Hill Apartments in Winchester, Va. The permanent, fixed-rate loan was also arranged through Freddie Mac.
Images courtesy of Grandbridge Real Estate Capital