Borrower of record, Springhill Townhomes LLC in Mt. Pleasant, secured the fully assumable loan at less than 5.3% interest from Dallas-based Malone Mortgage Co. The financing was secured through HUD's 223 (f) Multifamily Accelerated Processing program.
Bruce Minchey, Malone's vice president and chief underwriter, tells GlobeSt.com that the seller, a private investor from California, is turning around the proceeds in a 1031 Exchange. Additional information about the seller and the exchange are not available.
The fully leased Springhill Townhomes sit on 5.2 acres along Sunrise Drive. Built in 1987, the four-building property traded without any deferred maintenance, according to Minchey. The existing mix of tenants has been in place for a long time, with current leases with no immediate rollover, he says.
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