Stoney Brook Apartments – Mebane, NC

February 26, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $13,200,000 for the refinance of Stoney Brook Apartments. The loan is for a ten year term with interest only payments for term of the loan. The 6.13% fixed rate loan is based on a 73% loan-to-value with debt service coverage of 1.39. The loan is structured with prepayment open at par for the last year of the term. Replacement Reserves are capped at two years’ worth. Union Capital has financed more than $135,000,000 for the repeat Borrower, who has significant experience in investment real estate.

Stoney Brooke Apartments is a Class A development which was constructed between 1997 and 1999. The 24 building community totals 192 units, with one and two bedroom garden floor plans and three bedroom town homes located on 13.61 acres. Community amenities include a swimming pool and clubhouse with fitness, business, and media centers, two single story garage/storage buildings, picnic areas, jogging trail, and a car wash facility. The property was acquired by the current ownership in May 2006 and was 74% occupied at the time of acquisition, with extensive delinquencies and concessions. The Borrower renamed the property, brought all units back to first class condition and implemented an extensive outreach marketing campaign. The property is currently 99% occupied. With all concessions burning off before the summer of 2007.