New $5.3 million UC GO loan closed for three multifamily properties in Macon, Georgia
Another successful transaction is on the books! We recently closed a UC GO first mortgage loan to refinance three multifamily properties totaling 256 units in Macon, otherwise known as “the heart of Georgia.”
The loan was preceded by our $4.5 million first mortgage loan to recapitalize the properties, curing deferred maintenance and bringing down units back online. The properties are now 96 percent occupied.
This new $5.3 million UC GO loan will refinance the properties, providing the sponsors with a lower cost of capital, allowing them to reinvest cash flow into unit upgrades as they continue to become available. The funds will also help with exterior improvements.
The properties are ideally situated in central Georgia, surrounded by the major markets of Atlanta, Columbia, Augusta, and Savannah. North Napier Apartments is located at 4017 Napier Avenue, Vineville North Apartments is located at 3516 Vineville Avenue, and Riverbend Apartments is located at 3645 Mercer University Drive.
The sponsors’ high occupancy rate proves this portfolio is attractive to locals seeking workforce housing. Our loan will help ensure the apartments remain competitive among neighboring complexes.