NorthMarq’s Jacksonville office arranges $6,649,000 refinance of Stonecrest Apartments Phase III in Gaffney, South Carolina

JACKSONVILLE, FLORIDA – Ryan Whitaker secured the $6,649,000 refinance of Stonecrest Apartments Phase III in Gaffney, South Carolina. 

Financing Details:
- 10-year term (with 2-years of interest only payments)
- 30-year amortization schedule
- NorthMarq arranged the permanent-fixed loan through its relationship with Freddie Mac.

Producer Quote:
“This was a complex transaction. The collateral is considered a Phase III development that added another 110-units to the project. This brought the total up to 308-units across three phases with cross access easements and permanent reciprocal use agreements for all phases with three separate lenders.”  

- Ryan Whitaker

Property Details:
- The property is located at 102 Stonecrest Lane in Gaffney, South Carolina.   
- 110-units
- Apartment amenities include: High speed internet access, smoke-free, sunroom, walk-in closets, air conditioning, wheelchair accessible, vaulted ceiling and balcony. Community amenities include: Laundry facilities, 24-hour access, grill, pool, maintenance on-site, storage space, fitness center, media center/movie theatre.