|Vista Pointe Luxury Apartments|
The string of transactions started in 2013 with NBS Financial securing $14 million for Gateway Village Apartments, which was followed up in 2014 by $3.15 million for newly constructed Reed Townhomes. The latest $4.1 million refinance for Vista Pointe Luxury Apartments completed the set of deals that total $21.25 million and over 400-units of residential properties within a one-mile radius.
“The projects all vary in size and amenities for a range of renters and price points. The borrower was able to take advantage of extremely attractive interest rates with all three refinances,” Hering said. “This last loan closed in just 37 days, which was quite remarkable in today’s often ‘process-heavy’ environment.”
Terms spanned from modest to full leverage for the three projects, but all the loans consisted of low fixed rates with 30-year amortization schedules.