Terrace Capital announces the funding of a $4.75MM Fannie Mae multifamily mortgage on the Poplar Ridge Apartments located in Johnson City, TN.
Chicago, IL (1888PressRelease) December 12, 2012 - The proceeds were used by the Sponsor, Mark Corcoran, for the repayment of existing debt and equity for future acquisitions. The mortgage had a 10 year fixed term, a 3.74% rate and a 30 year amortization schedule and was fund within a week of commitment. Mr. Corcoran, utilized the services of Terrace Capital to navigate the complex stream of Fannie Mae paperwork and the tedious nature of the process.
The Poplar Ridge Apartments is Class A, residential complex with 103 units and is located at 6319 Kingsport Hwy in Johnson City, TN. The facility has one, two & three bedroom apartments, high end finishes, private decks/patios and security systems. The project has well kept grounds with a park like atmosphere and is conveniently located near downtown shops, family restaurants & the famous Gray Fossil Site. Poplar has easy thruway access for commuters to highways 26, 36 and 75, providing excellent access to nearby employment opportunities.
According to a senior underwriter at Terrace Capital, the Fannie Mae program generally provides the most advantageous rates for non-recourse, multifamily loans though there are multiple markets in the US where Fannie Mae and Freddie Mac are unwilling to lend at a 75% LTV. These markets are called "Pre-review" markets and include such states as Florida, Michigan, Indiana, Ohio and several submarkets in Texas, Nevada, Georgia, California and Louisiana. Terrace has successfully secured non-recourse loans, via CMBS executions, in the aforementioned markets at loan-to-value ratios of 75% and continues to serve clients that are unable to garner Fannie or Freddie financing.
Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on income producing retail, office, industrial, multifamily, self-storage and hotel properties throughout the continental United States.
The Firm is a leader in structuring permanent mortgages and equity for a wide range of real estate transactions.
For more information about Terrace Capital and the services it provides, go to www.terracecapital.com.