CHICAGO–Alliant Credit Union is reporting it has closed more than $68 million in financing for three multifamily properties in the Southeast and West Coast.
The transactions encompassed a $32 million acquisition loan in Columbia, S.C., a $23.4 million refinancing in Richmond, Va., and a $13 million refinancing in Portland, Ore.
“The multifamily market continues to be active, particularly in markets that are growing and offer attractive live-work-play lifestyles,” said Charles Krawitz, VP-commercial lending. “We have continued to see demand from borrowers seeking flexible financing to achieve the business plans for their investments.”
The Deals
The projects include:
- $32 million acquisition loan for Columbia, S.C., apartment complex. The project is a Class A, 285-unit apartment complex. The borrower was a private owner and operator of multifamily properties expanding into the growing Columbia market. The project was completed in 2019.
- $23.4 million refinancing of Richmond, Va., mixed-use property. The project is a Class A property comprising 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The property was completed and stabilized in 2020 and features a clubhouse, fitness center, sky-lounge, pool and Class A unit finishes.
- $13 million permanent loan for Portland, Ore., mixed-use building. The project involves a $13 million permanent loan with $9.5 million in initial funding to refinance a 129,398-square-foot, four-story, Class B mixed-use building with on-site parking. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. The loan structure ensures that the loan-to-value ratio for the property will remain below 65%.
The $13-billion Alliant CU has more than 500,000 members.