The loan carries a 10-year term and a 30-year amortization. It was arranged through the Freddie Mac early rate lock program. The interest rate on this loan is undisclosed.
The property was built in the early 1970s. It is located on 100 acres. Its housing component consists of 72 apartment units in three mid-rise buildings and 328 townhouses. Units have recently been upgraded with new windows, HVAC and kitchens.
Rents range from a low of $670 a month for a one-bedroom unit to $950 a month for a three-bedroom townhouse. The property also includes a shopping center, office building, golf course and pro shop, pool and tennis court.
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