Northmarq’s Debt + Equity team arranges $16.35M refinance of Autumn Park Apartments in Boiling Springs, SC
BOILING SPRINGS, S.C. — Northmarq’s Jacksonville Debt + Equity team led by Ryan Whitaker successfully arranged the $16.35 million refinance of Autumn Park Apartments, a 198-unit multifamily housing community located at 105 Turning Leaf Circle in Boiling Springs, South Carolina.
Northmarq arranged financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The transaction was structured as a five-year, fixed-rate, interest-only loan.
“Fannie Mae offered the most efficient capital solution to maximize levered free cash flow with the best blend of proceeds, rate, interest-only and no funded escrows for the entirety of the loan term,” Whitaker said.
Built in 2002, Autumn Park Apartments feature 11 buildings with one-, two- and three-bedroom unit offerings within a gated community. Units feature options for a walk-in closet, fireplace, washer and dryer, sunrooms, patio or balcony, and storage in units. Community amenities include a swimming pool and hot tub, cardio exercise facility, car care and clothes care facilities, outdoor fireside patio with BBQ and seating areas, on-site storage and on-site garage.
Autumn Park Apartments are conveniently located at the intersection of Interstate 85 and U.S. Highway 176. It is located six miles from downtown Spartanburg, 30 miles from Greenville and 17 miles from Greenville-Spartanburg International Airport.
