"Not only did our new mortgage give them over $3 million in loan proceeds, we were able to lower their interest rate by more than 140 basis points," says Charles Frischer, who originated the loan. "Our hats are off to our borrower for their market savvy regarding the capture of a remarkably low interest rate. Their timing was majestic."
The 352-unit Village of Lancaster Green Apartments are located at 1633 A Judie Lane.
Meanwhile, the mezzanine financing will finance construction of 856 multifamily units in Dallas, Denver and Orlando. Completion of all three projects, all gated luxury apartment complexes, is expected this year. Although the five-year loan carries a base interest rate of 10%, Capri expects the loan to generate returns of up to 16% through participation in cash flow.
"Each of these apartment markets reflect a diverse and dynamic economic environment, above average employment growth, expanding population, and increasing barriers to entry," says CEO Quintin E. Primo III.
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