TUSCALOOSA, AL-Lindsey Management Co. Inc. has secured a 10-year loan to pay off construction debt on the 408-unit Links at Tuscaloosa and 384-unit Greens at Tuscaloosa. The Fayetteville AR-based borrower obtained the $50.78-million loan from Freddie Mac.
The 97%-leased complexes, which share the same address at 1800 Links Blvd., were completed in 2007. Scott Rogerson, Lindsey Management’s CFO, tells GlobeSt.com that the construction debt wasn’t coming due soon. “We were just looking for a permanent loan,” he says. Rogerson says the 10-year loan, secured with a fixed-rate interest hovering 6%, went through fairly smoothly.
However, Holliday Fenoglio Fowler LP’s director Brian G. Carlton acknowledges there were a few anxious moments during the process. “We had rate locked and were into due diligence when Freddie went into conservatorship,” he says, adding the funding came through a new Freddie Mac program. Carlton, who is with HFF’s Dallas office, says he’d taken put the deal before other lenders, but “they were unable to compete on leverage and pricing.”
The Links at Tuscaloosa and Greens at Tuscaloosa are adjacent to an 18-hole championship golf course and clubhouse. The complexes have one- and two-bedroom units ranging from 544 square feet to 1,093 square feet. Monthly rents are $535 to $795.
Carlton says HFF is working on another refinancing for Lindsey Management through Freddie Mac. He declined to discuss details about the asset or loan, but did say it most likely will close by the end of the year.