EBSCO Income Properties Receives $39.5M in Financing for Two Acquisitions
- Mar 10, 2015
Columbia, S.C. and High Point, N.C.—Affiliates of EBSCO Income Properties have received 39.5 million in GSE loans for the acquisition of two apartment communities in the Southeast.
EBSCO received a 10-year, $20.5 million Freddie Mac fixed-rate loan to acquire Polo Village, a 312-unit Class A garden-style community in Columbia, S.C., and a $19.0 million Fannie Mae fixed-rate loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point, N.C.
Capital One Multifamily Finance provided financing for both loans.
“Both properties were well maintained and generally in good condition. The borrower is very experienced in maximizing efficiencies with operations and saw the opportunity for long-term value creation and cash flow,” Chad Thomas Hagwood, senior vice president in Capital One Multifamily’s Birmingham office, told MHN. “The purchaser has additional properties in the area and this was a natural fit to grow his portfolio in the Carolinas.”
Polo Village consists of 13 three-story apartment buildings and offers a variety of resort-style amenities that include a spacious clubhouse and fitness center, and a swimming pool with large sundeck. The spacious apartments have large closets, and some units have attached garages and sunrooms.
Highbrook offers additional amenities of a swimming pool, fitness center, business center, car wash, playground and laundry facility.
The fixed-rate loan for Polo Village has three years of interest-only payments, 9.75 years of yield maintenance, and a 30-year amortization payable on an actual/360 basis. The fixed-rate loan for Highbrook Apartments has two years of interest-only payments, 9.5 years of yield maintenance, and a 30-year amortization payable on an actual/360 basis.
EBSCO is a repeat customer of Capital One.
“We relied on our in-depth agency experience and a hands-on approach to develop a tailored financing solution for this valued client,” Hagwood said. “We look forward to supporting their future financing needs.”