RRA Capital’s recent closing, an apartment refinance in Montgomery, AL.
• Built in the 1980’s, the property totals 200 units, ranging from one to three bedrooms.
• The borrower recently finished renovations at the property, and RRA’s loan will bridge the borrower through the property’s lease-up period.
• RRA provided a $16,000,000 non-recourse, interest-only loan. The loan provided funding to refinance the existing debt, as well as an interest reserve to supplement cash flow prior to stabilization.
Property Facts:
• No. Units 200
• Property Type Multifamily
• Property Subtype Apartment
• Apartment Style Garden
• Building Class C
• Lot Size 17.30 AC
• Building Size 167,880 SF
• Average Occupancy 86%
• No. Stories 2
• Year Built/Renovated 1980/2021
• Parking Ratio 2/1,000 SF
