STM Development Lands $29M Refi for South Carolina Community
- Apr 24, 2020
NorthMarq has arranged a $28.5 million Freddie Mac loan for STM Development’s 252-unit residential community Tuscan Heights in Greer, S.C.
The financing includes a three-year interest only period on a 10-year term and sub-3.3 percent fixed rate pricing. Yardi Matrix data shows the loan will retire existing $25.5 million debt from Benefit Street Partners.
Located at 2670 Dry Pocket Road, the community is adjacent to Interstate 85 and Michelin’s North American headquarters. Completed in 2009, the community comprises one-, two- and three-bedroom apartments ranging from 748 to 1,360 square feet. Common-area amenities includes a pool, a fitness center, tennis courts and a pet park.
Vice President Dave Stewart and Investment Analyst Ryan Taylor from NorthMarq’s Charlotte debt & equity team organized the financing. Recently, the brokerage facilitated the $38 million sale of Retreat at the Park, a 249-unit community in Burlington, N.C.