Multifamily - Debt

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

JACKSONVILLE, FLORIDA (September 27, 2019) – 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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.