Funds Flowing for Multifamily Refi (and More)
Lenders still havent lost their appetite for multifamily deals in the Carolinas, especially the refi variety, as loans made in earlier, higher-interest rate years are coming due. There doesnt appear to be any pullback in the availability of multifamily debt, Capital Advisors VP Matthew Good tells us. (Maybe now we can get financing for our underground apartment concept: Moletifamily.) There still are questions remaining about the long-term future of Fannie Mae and Freddie Mac--which the federal government is on record as wanting to wind down--but nevertheless Matt says he expects to see increased production from the GSEs, life insurance companies, and CMBS lenders throughout 2013.
Recently Matt arranged a $5.8M refi for the 144-unit East Ridge Apartments in Spartanburg, and the 53-unit Addison Townhomes in Taylors, SC. Both were fixed-rate, 10-year loans. But multifamily isnt the only refi activity: Matt also oversaw the refi of Pleasantburg Plaza, a multi-tenant retail property in Greenville, SC. The $1.3M loan has a 20-year term at 5%.
