The deal could have been done in even less time if last-minute snafus hadn't cropped up, Ike Thrash, a principal in the 222-unit, 33-building Country Club Apartments in Tuscaloosa, AL, tells GlobeSt.com.
Thrash is getting a 10-year loan at 7.36% interest, amortized over 30 years. The funding has a loan-to-value of 79% and a debt service coverage ratio of 1.35x.
Collateral vice president Chad Thomas Hagwood arranged the loan. He has previously provided financing to Thrash's group.
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