LAWRENCE, NY - New York-based Harborview Capital Partners, LLC, a provider of real estate debt and equity, negotiated an $8.5 million mortgage for the cash-out refinance of the Magnolia Terrace Apartments located in Jacksonville, FL. The borrower is Miami-based.
Magnolia Terrace is a 12.5 acre multifamily complex containing 277 units that is located at 2045 Jammes Road in Jacksonville, FL. The complex is made up of 26 apartment buildings, a fitness center, two swimming pools, a basketball court, a volleyball court, two playground areas and laundry facilities. The property is managed by Miami-based Nova Eagle Communities.
The property was 95% occupied at loan closing. The ten-year non-recourse loan features a loan-to-value of 75%, a competitive fixed interest rate of 4.51% and three years of interest-only payments followed by a 30-year amortization schedule. The transaction was arranged by Harborview Capital Partners' Jeffrey Fuchs and David Nussbaum. www.harborviewcp.com
For more information or future financing requests, please contact Jeffrey Fuchs at (516) 453-9408 or jfuchs@harborviewcp.com.