Lloyd Jones Capital has secured $13 million in acquisition financing for a 204-unit, garden-style apartment community located in Columbia, SC. The property, Waters Edge at Harbison, received a 10-year loan with 30-year amortization and a three year interest-only period. Located at 250 Crossbow Dr., the property consists of 15 two- and three-story residential apartment buildings on a 17.42 acre site. At the time of signing, the community was 95 percent occupied. The funding was sourced through the Miami office of Hunt Mortgage Group.
“The borrower is a seasoned commercial real estate and multifamily investor and developer,” noted Chad Musgrove, vice president at Hunt Mortgage Group. “Waters Edge at Harbison is in good condition and in an area strongly supporting multifamily rentals. We were pleased to deliver quickly and efficiently for such a quality sponsor. Customer service is key to our continued success.”
