CBRE Arranges Refi for SC Community

Monica Newman of CBRE’s Denver team originated the $9.7 million loan through the company’s FHA lending platform on behalf of the borrower, Greenville Park West LP. Stonemark Management currently manages The Summits Apartments in Graniteville.

The Summits Apartments in Graniteville, S.C.
The Summits Apartments in Graniteville, S.C.

CBRE Capital Markets secured $9.7 million for the refinance of The Summits Apartments, a garden-style community consisting of 120 units in Graniteville, S.C. Stonemark Management is the current manager of the market-rate property. Monica Newman of CBRE’s Debt & Structured Finance team in Denver originated the loan through CBRE’s FHA lending platform. She worked on behalf of Greenville Park West LP, the borrower, a firm that is managed by Hudson Capital Investments LLC. The loan is being funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) pursuant to Section 223(a)(7) streamline refinance mortgage insurance program providing a 40-year, fully-amortizing permanent loan.

Located at 2170 Jefferson Davis Highway, The Summits Apartments is between Aiken, S.C., and Augusta, Ga. The five-building property includes 96 two- and 24 three-bedroom units, ranging in size from 1,034 to 1,306 square feet.

Built in 2012 under the Section 221(d)(4) program, the community features:

  • a clubhouse
  • grilling stations
  • outdoor fire pit
  • fitness center
  • barbecue area
  • swimming pool,
  • playground
  • 193 parking spaces

According to Yardi Matrix data, the property was 97.5 percent occupied as of September 2017.

Image courtesy of CBRE

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