Permanent Loan - Refinance$7,000,000
200 Unit Apartment Complex
Axiom Capital Corp. has structured and arranged the closing of a $7,000,000 permanent loan for the refinance of an apartment complex in Bradenton, FL. The 10 year non-recourse loan was closed at a fixed rate and demonstrated a 68.6% Loan to Value and a 1.79x Debt Service Coverage Ratio amortized over 30 years.
The subject property is a 200 unit multi-family community consisting of 25 two-story buildings totaling 175,584 SF. The unit mix includes 24 one-bedroom units, 128 two-bedroom units, and 48 three-bedroom units with an overall average unit size of 878 SF. The property was purchased in 2013 and since has undergone $1.5 million in renovations. Exterior work included: painting, landscaping, parking lot resurfacing & sealing, a renovated laundry room, and new exterior lighting & signage. Interior improvements consisted of: new appliances in 36% of the units, new HVAC units in 25% of the units, and repair and replacement of kitchen floors, cabinets, counter tops and bathrooms in 36% of the units. Community amenities include a completely renovated laundry center, clubhouse, and playground.
The property is conveniently located off Manatee Ave. which is surrounded by an abundance of employment centers and commercial services and offers quick access to the major transportation corridors of: US 301, US 41, SR 64, SR 70, and Interstate 75. Downtown Bradenton is just two miles NW of DeSoto Square Mall which offers nearly 100 specialty stores including: Sears, JCPenny, and Macy’s. The property is ideally located within close proximity to the coastal area of Longboat Key, Anna Maria Island, and Bradenton Beach.