Northmarq arranges $14.5M refinance of Stonecrest Apartments

Stonecrest Apts Phase I
Debt & Equity
Multifamily
Debt
Fannie Mae
198-unit multifamily property

GAFFNEY, S.C. (Sept. 30, 2024) — Northmarq’s Jacksonville, Florida Debt + Equity team of Ryan Whitaker and Andrew Meyers secured $14.5 million in financing for Stonecrest Apartments, a 198-unit multifamily community located at 102 Stonecrest Lane in Gaffney, South Carolina.

Northmarq arranged financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS team. The transaction was structured as a 5-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,” said Whitaker.

Stonecrest Apartments is conveniently located off Interstate 85, offering a short commute to downtown Gaffney and surrounding cities for residents. In addition to an ideal location, Stonecrest boasts professionally landscaped grounds and one-, two- and three-bedroom apartment homes. Residents enjoy close proximity to the Gaffney Prime Outlets, Cherokee County YMCA and Limestone College as well as a variety of amenities such as on-site storage, a swimming pool, cardio center, car care facility, on-site garages and more. 

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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