South Carolina Communities Get $16 Million in Refis
- Apr 06, 2020
Four communities in Myrtle Beach, S.C. encompassing a total of 204 units have received a total of $16.3 million in Fannie Mae DUS and Fannie Mae Small loans. Arbor Realty Trust’s Eric Regenbogen originated the refinance notes.
The largest property in the deal, the 110-unit Patriots Way at the Beach Apartments, also received the largest mortgage. Arbor originated a 12-year, fixed-rate $9.6 million loan, using the Fannie Mae DUS program. Located on five acres at 1500 Coastal Lane, the property was built in 1998 and expanded in 2018.
Arbor provided the remaining notes through Fannie Mae’s Small Loan program. The three mortgages have a fixed interest rate and are set to mature in 2032. The other communities that received funds include:
- The 43-unit Avenue North Apartments, refinanced to the tune of $3.2 million;
- The 34-unit 501 38th Avenue Portfolio, allocated $2.2 million;
- A 17-unit community located at 604 19th St., which received $1.2 million
In January, Arbor secured a $43.7 million acquisition loan for Avia Riverside, a 396-unit residential asset in Roswell, Ga. The company represented Liquid Capital in the transaction.