North Carolina Apartments
Overview:
$3,800,000 loan secured by 130-unit apartment complex on 18-acre parcel in Asheville, North Carolina.
Timing:
Less than 30 days from signed term sheet to closing.
Unique Characteristics:
Capital used to acquire existing apartment complex for potenital condominium conversion.
Loan provides funds for current property improvement to increase rents and cash flow.
Loan features unique release price structure that allows borrower to share in net sale proceeds of each unit.
Extension option provides borrower flexibility with loan term.
Complex provides tenants with affordable ownership option.
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