Aline Capital is pleased to announce the closing of a cash-out refinance of a 281-unit multifamily portfolio located in Greenville, SC. Aline leveraged its knowledge of the asset, the market, and the South Carolina Tax Abatement for workforce housing to procure a substantial amount of cash out for our Sponsor. Based on our knowledge of and expertise with this abatement, Aline was able to obtain a 35-year am from Freddie, in addition to underwriting the value and basing the loan amount off the abated taxes.
This 5-year loan included two years of interest only at a 5.23% rate. No buydown was needed. We’re thankful for our client and their trust in us to execute in this environment. We’re excited to see the property continue to thrive as proceeds will be invested back into the asset for the benefit of the tenants. Affordable housing is a partnership amongst multiple parties and we’re thankful for the small part we play in serving our community.
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