Charlotte-Area Apartment Owner Inks $64M Refi

Signature Property Group refinanced Elevate Rocky River, a 360-unit rental community near Charlotte. Regions Bank arranged the $64 million Freddie Mac Loan. 

The loan replaces a prior construction loan, following property stabilization, with a permanent debt solution. The community, in Monroe, North Carolina, offers one- and two-bedroom floor plans, is pet-friendly, and features modern, refined amenities and finishes.

Financing was secured through the Freddie Mac Optigo Conventional Loan program, which supports acquisitions and refinancings of market-rate and affordable multifamily properties. It provides loans for both the acquisition and refinance of market-rate and affordable multifamily properties. Loan terms include the following: 10-year fixed-rate, 35-year amortization, 1.20x debt service coverage ratio (DSCR), 70% loan-to-value (LTV) and partial term interest-only payment.