GREENVILLE, SC—Capital One Multifamily Finance reports it has provided a $28.4-million HUD 223(f) loan to refinance the Plantations at Haywood, a 562-unit garden-style apartment complex here.
Salt Lake City, UT-based Cottonwood Residential was the key principal in the transaction, the bank states. Chad Thomas Hagwood, senior vice president of originations in Capital One Multifamily's Birmingham, AL office, originated the transaction. The assumable, non-recourse, fixed-rate loan has a 33-year fully amortizing term.
Plantations at Haywood was built in three phases between 1981 and 2001. It consists of 40 two-, three-, and three-and-a-half- story buildings as well as two clubhouse buildings, three swimming pools, a fitness center, tennis courts, laundry, and car-care center. All units are equipped with open kitchens and washer/dryer connections and have sunrooms, screen porches, walk-in closets, or vaulted ceilings.
“Cottonwood's goal was to retire existing debt and lock-in today's historically low interest rates for the long term,” Hagwood says. “The 223(f) program is an excellent way to meet these objectives if you can find a borrower with HUD experience.”
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