Barings Multifamily Capital has closed a $10,906,284 refinance loan on Flats on 4th and a $33,576,000 acquisition loan on The Modern at Providence. Built in 2017, Flats on 4th is an 86-unit mid-rise apartment complex in downtown Birmingham, Ala. Barings Multifamily Capital refinanced the borrower's construction loan. The loan has a 10-year term with 30-year amortization. The Modern at Providence is a 300-unit garden style apartment property built in 2017 and is located in Huntsville, Ala. The acquisition loan has a 10-year term with 30-year amortization and first five years of interest only.
Walker & Dunlop Provide Bridge Loan to Multifamily Portfolio
Walker & Dunlop provided $93,455,000 in short-term financing through its bridge lending program for the acquisition of a four-property multifamily portfolio located in Westerville and Columbus. Completed on behalf of Oro Capital Advisors, the three-year, nonrecourse loan provides planned capital expenditure funding for property rehabilitation and repositioning. The funding provided by Walker allowed Oro Capital Advisors to acquire the multifamily portfolio on an expedited timeline with flexible prepayment options and at a competitive rate.
