Aline Capital is pleased to announce the closing of the cash-out refinance of a 120-unit multifamily portfolio located in Pickens, SC. Aline financed the acquisition of these two properties in 2022, and our client was able to successfully improve the NOI and value through an extensive renovation and capital improvement plan. As a result of the increased value, we were able to source a 5-year, non-recourse Agency loan at 70% of the new value which we locked at a 5.52% rate. This loan also provided our client with 2 years of interest only payments. Once again, we were able to get the lender comfortable with the in-place SC Property Tax Abatement for Affordable Housing, allowing our client to cash-out additional proceeds to continue to provide quality workforce housing to the community. Congratulations to everyone involved!
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