ValueXpress obtained a $6.8-million first-mortgage loan that was utilized to refinance existing debt and provide cash-out proceeds secured by a portfolio of three multifamily properties located in Augusta and Greenville, South Carolina: Willow Wick Apartments, Pine Crest Apartments and Broadway Apartments.
Willow Wick Apartments is a 104-unit garden-style complex built in 1970. The property is located along the east side of West Martintown Road, just north of its interchange with Interstate 20, in the northwestern portion of North Augusta. Property amenities consist of an outdoor swimming pool, a playground, a sand volleyball court and a laundry room.
Pine Crest Apartments is a 120-unit garden-style complex built in 1973. The property is located at the northeast corner of Bradleyville Road and Norway Road, just east of Knox Avenue and in the central portion of North Augusta. Property amenities consist of a large outdoor swimming pool, two tennis courts and a small laundry room in each building.
Broadway Apartments is a 64-unit garden-style complex built in 1972. The property is located off White House Road (SR 25) in western Greenville, South Carolina.
“We provided a CMBS loan for this client in 2003, and I have been in touch with the sponsor over the years,” commented Gary Unkel, Senior Originator at ValueXpress. “So when it was time to refinance, we were ready to provide a new CMBS loan at a lower rate with cash-out proceeds to the client.”