Thayer Manca Residential Secures $26.8M Refinance Loan For Multifamily
The company said the 10-year, 2.99% fixed-rate loan includes full-term, interest-only debt service. The firm took advantage of the low interest rates, TMR principal Bruce Thayer said.
It acquired the apartments in February 2018 and has since invested $3.7M in renovations, including updating the clubhouse, modernizing the 24-hour fitness center, adding amenities and improving apartment interiors.
Several other property owners have recently taken advantage of the lower rates by securing financing. Gantry, a San Francisco-based mortgage banking firm, recently secured permanent financing for the Ainsworth & Dunn Building and 10 Clay Apartments, as well as the Nesbit Apartments in Seattle.