$7,200,000 Permanent Acquisition Financing for a Multifamily Complex in a Secondary Market

Transaction Description:  GSP successfully arranged a 10 year, fixed rate loan to acquire a 192-unit apartment complex outside of Greenville, SC. While the property was stabilized at close of escrow, an increase in the rental supply over the last three years caused a significant drop in occupancy, forcing the property into foreclosure. The lack of stabilized historical operating data made it challenging for lenders to underwrite the cash flow. GSP indentified a lender that was not only comfortable with the secondary location of the asset, but was also able to underwrite the trailing three months of actual collections in order to maximize the loan amount.