LFB successfully arranged $4,170,000 in preferred equity for the acquisition and eventual capital expenditures on a 207-unit value-add multifamily community in Charleston, SC. Built in 1980, the property is located in the heart of one of the fastest growing pockets of Charleston. The community offers one and two bedroom units, which will be renovated as the sponsor works through the value-add process. The property offers its residents with amenities such as a pool, spa, fitness center, clubhouse, playgrounds, sport courts and multiple gathering spaces.
The term of the equity is 5 years which allows the sponsor time update each unit, increase rents and either sell or refinance the asset upon reaching the new stabilized value. The structure also offers the sponsor an approach to future acquisitions on a more programmatic basis to expand its portfolio in the value-add, workforce house sector.
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