NC Community Receives $24M Refi
- Jul 11, 2018
Grandbridge Real Estate Capital has arranged a $24 million loan for the refinancing of 119 South Apartments, a 264-unit Class A community in Mebane, N.C. The non-recourse Fannie Mae loan utilized near-stabilization execution and was structured with an initial period of interest-only, followed by a 15-year term and 30-year amortization. The interest rate was in the four percent range. Signature Property Group is the owner and manager of 119 South Apartments.
Located at 3000 Bluebird Lane, the community is just off Interstate 40, halfway between North Carolina’s Piedmont Triad and Research Triangle. Additionally, the property is around 25 miles from Durham and 48 miles from Raleigh. Built in 2017, the community occupies more than 22 acres and comprises a mix of one- and two-bedroom units, averaging 1,016 square feet, featuring private balconies or patios. Communal area amenities include:
- billiards and coffee bar
- pool and sundeck
- fitness center
- volleyball courts
- car wash facility
- pet park
- family playground
- rentable garages
- storage closets
In May, the company also provided a $10.4 million loan for the acquisition of a 144-unit community near Charlotte, N.C.
Image courtesy of Grandbridge Real Estate Capital