The deal could have been done in even less time if last-minute snafus hadn't cropped up, Ike Thrash, a principal in the 222-unit, 33-building Country Club Apartments in Tuscaloosa, AL, tells GlobeSt.com.
Thrash is getting a 10-year loan at 7.36% interest, amortized over 30 years. The funding has a loan-to-value of 79% and a debt service coverage ratio of 1.35x.
Collateral vice president Chad Thomas Hagwood arranged the loan. He has previously provided financing to Thrash's group.
"The borrower does a tremendous job with the operations of the property and I believe the financing placed on the property will enhance the overall return for our customers," Hagwood says in a prepared statement.
Country Club Apartments is 96% leased with average asking rent of $483 per month. The property has 31 two and three-story buildings and two single-story structures.
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