Grandbridge Arranged $31.5 Million South Carolina Multifamily Refinance
Nov 01, 2018 12:24PM
● By Kathleen Maris
Grandbridge Real Estate Capital recently closed a $31,500,000 first mortgage loan secured by Crowne at Live Oaks Square, a 282-unit multifamily community in Charleston.
Funding for the permanent, fixed rate refinance was arranged through Freddie Mac’s Lease-Up loan program designed for refinancing newly constructed properties. The nonrecourse financing was structured with an initial period of interest-only, an 11-year term, and 30-year amortization.
Constructed in 2017, the Class-A multifamily property is comprised of 11 three- and four-story buildings on Charleston’s Johns Island. The 18.9-acre property is situated within a PUD, which features a retail center in front of the apartments. The center complements the community by providing restaurants and specialty retail.
Unit amenities include nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets, and granite countertops. Residents also enjoy a resort-style swimming pool, sun deck, grill area and cabana; interactive health and athletic center; lounge area with multiple TVs; media center; hiking trails and scenic views; WiFi; and pet spa and grooming station.