Sandstone Apartment Homes
|Deal Type||Fannie Mae|
The transaction includes a $13,600,000 ($53,125/unit) non-recourse, first mortgage loan secured by a 256-unit, garden style apartment community located in Waco, TX. Built in 1985, the Property comprises of 17, two-story apartment building and one leasing office/clubhouse, spread on 9.14 acres of land. The proposed loan will be used to facilitate the acquisition of the Property at a purchase price of $17MM ($66,406/unit). The Proposed transaction is expected to qualify for the Fannie Mae Green Rewards program. The loan is structured with a 10-year term, and subsequent to a 5-year interest only period, amortizes on a 30-year schedule.