The 30-year amortized loan for the 220-unit, 237,704-sf, 97%-leased Lexington at Ridgeland Apartments in Ridgeland, MS is being funded by the Fannie Mae delegated underwriting and servicing product line. The loan-to-value ratio is 79%; debt service coverage is 1.25x.
"CMC underwrote the loan due in part to the excellent location and healthy multifamily market in the area," Collateral vice president Chad Hagwood says in a prepared statement.
This was CMC's first deal with the borrower, a well-known Mississippi apartment owner. Dawn Properties president Ike Thrash negotiated for his company.
Lexington at Ridgeland Apartments has 120 two bedroom/two-bath units; 72 one-bedroom/one-bath units; and 28 three bedroom/two-bath units.
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