CBRE Capital Markets has secured $9.67 million for the refinance of The Summits Apartments, a garden-style multifamily project consisting of 120 market-rate units at 2170 Jefferson Davis Highway, Graniteville, S.C.
The loan is being funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) pursuant to Section 223(a)(7) streamline refinance mortgage insurance program providing a 40-year, fully-amortizing permanent loan.
The borrower is Greenville Park West LP, which is managed by Hudson Capital Investments LLC. Monica Newman of CBRE’s Debt & Structured Finance team in Denver originated the loan through CBRE’s FHA lending platform.
The three-story project includes a mix of two-bedroom and two-bedroom units. The project was constructed in 2012 under the Section 221(d)(4) program and consists of five residential buildings, one accessory building, with a total of 193 surface parking spaces. The Summits Apartments are located between Aiken, S.C. and Augusta, Ga.
The property is managed by Stonemark Management.
