Northmarq arranges $14.5M refinance of Stonecrest Apartments
GAFFNEY, S.C. (Sept. 30, 2024) — Northmarq’s Jacksonville, Florida Debt + Equity team of Ryan Whitaker and Andrew Meyers secured $14.5 million in financing for Stonecrest Apartments, a 198-unit multifamily community located at 102 Stonecrest Lane in Gaffney, South Carolina.
Northmarq arranged financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS team. The transaction was structured as a 5-year, fixed-rate, interest-only loan.
“Fannie Mae offered the most efficient capital solution to maximize levered free cash flow with the best blend of proceeds, rate, interest-only and no funded escrows for the entirety of the loan term,” said Whitaker.
Stonecrest Apartments is conveniently located off Interstate 85, offering a short commute to downtown Gaffney and surrounding cities for residents. In addition to an ideal location, Stonecrest boasts professionally landscaped grounds and one-, two- and three-bedroom apartment homes. Residents enjoy close proximity to the Gaffney Prime Outlets, Cherokee County YMCA and Limestone College as well as a variety of amenities such as on-site storage, a swimming pool, cardio center, car care facility, on-site garages and more.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
