YUKON, OK-A Fayetteville, AR-based developer has obtained a $28-million refinance for the just-completed Links at Mustang Creek. The capital will retire a construction loan while providing for leasing and management of the 492-unit complex and nine-hole golf course and possibly future construction at the site.
Located at 2004 S. Mustang Rd., the Links at Mustang Creek has a 96% occupancy, which was part of the appeal to lender GE Real Estate in Atlanta, according to Ed Coco, senior managing director for the North America lending division. He says the other attraction is borrower Lindsey Management Co.'s MO. "He builds classic class A apartment complexes and a nine-hole golf courses that are used as amenities for the tenants," he explains.
Coco tells GlobeSt.com that Lindsey builds many phases in any given complex, and Links at Mustang Creek near Oklahoma City most likely is not going to be much different. "I'm sure he'll develop more units there over time. That's the way he works," he adds.
This year, Lindsey has completed work on the 588-unit Links of Madison County in Canton, MS; 394-unit Greens on Blossom Way in Rogers, AR; and 492-unit Links of Stillwater in Stillwater, OK. In addition to golf courses, the complexes have another thing in common--all very long-term holds for the developer. "His goal is to hold onto these properties for the next 50 years," Coco says. "He won't sell them."
Links at Mustang Creek has a one- and two-bedroom mix, with apartments ranging from 544 sf to 1,093 sf. The monthly rents go from $525 to $745.
Ken G. McRae IV with McRae Mortgage & Investment LLC, of Little Rock, AR arranged the 10-year permanent financing with a 30-year amortization. The interest rate is fixed at 6% and the loan-to-value ratio is 80%.
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