Providence Trail Apartment Homes
|Deal Type||Freddie Mac|
Mt. Juliet, TN
The transaction includes a $47,950,000 ($143,563/unit) non-recourse, first mortgage loan secured by 334-unit apartment complex, located at Mount Juliet, TN. Built in 2008, the property comprises 24, three-story buildings, situated on a 22.7-acre land. In 2016, the property underwent $1.57MM worth of renovations. The proposed loan will be used to acquire the property for a total purchase price of $68,500,000 ($205,090/unit). The loan is structured with a 7-year term, with an initial 24-month interest-only period, followed by a 30-year amortization schedule.