Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-The 144-unit Summit Mayfaire Apartment community in Raleigh, NC has obtained a $7-million loan through Fannie Mae’s DUS program. The funding is for 10 years at 5.44% interest and has a 30-year amortization.

The funding was arranged within 30 days to meet the property’s 1031 exchange deadline.The lender was Raleigh-based Renaissance Capital.

Birmingham, AL-based Collateral Mortgage Capital LLC. arranged the loan but refused to disclose the buyer’s name.

The buyer is using the loan proceeds to acquire the property and pay all transaction costs, according to a prepared statement from Collateral.

The complex consists of eight three-story buildings and includes a basketball/tennis court, laundry facility, fitness room and car detailing area.

The property was 95% occupied at closing. Rents are at the upper end of the Raleigh market and average between $697 and $787, according to published reports.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.