Permanent Loan - Refinance$10,700,000
248 Unit Apartment Complex
Axiom Capital Corporation has arranged a $10,700,000 permanent loan for the refinance of an apartment complex in Augusta, GA. The non-recourse loan was closed with a correspondent life insurance company at a fixed for seven years. The loan demonstrated a 2.14x Debt Service Coverage and a 61.5% Loan to Value amortized over 30 years.
The subject property is comprised of 248 garden style apartment units located within 31 two-story buildings situated on a 19.15 acre parcel of land. The complex was originally constructed in 1983 and underwent a complete upgrade and rehab in 2013 which included new roofing, painting, upgrades to the pool area, the addition of outdoor pavilions (with TV’s, fireplaces, lounge areas and barbeques), and interior unit upgrades including granite countertops, wood laminate floors, and upgraded appliances. The community also features a clubhouse, fitness center, and laundry facility.
The subject is well located within a five minute drive of Interstate 520 and the busiest shopping area in Augusta, GA with the Augusta Mall & Augusta Promenade. Augusta is located in NE GA along the Savannah River, adjacent to the SC border. The city is the economic focal point of the Central Savannah River area. Its economic base is stable and diversified, and the area has exhibited steady growth in most sectors of the economy in the past 10 to 15 years.