Belmont Parkway Apartments – Richmond, VA

February 28 , 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $12,000,000 for the refinance of Belmont Parkway Apartments. The loan is for a ten year term with interest only payments for the term of the loan. The 5.97% fixed rate loan is based on a 79% loan-to-value with debt service coverage of 1.28. The loan is structured with prepayment at 1% for the first half of the final year of the loan term, and prepayment at par for the last six months. Replacement Reserves are capped at two years’ worth. Union Capital has financed more than $400,000,000 for the repeat Borrower, who has significant experience in investment real estate.

Belmont Parkway Apartments is a Class B- apartment complex that was completed in 1972. Belmont Parkway is operated as one phase of a four phase, 651 unit development. Each phase has its own pool and shared access to all amenities, including children’s pools, a clubhouse, tennis courts, sand volleyball court, playground and fitness center. Belmont Parkway consists of 201 townhouse units contained in twenty-six two-story residential buildings on 12.96 acres in Richmond, Virginia. Units average 904 square feet, and feature carpeted and tile floors, fully equipped kitchens, and patios. Occupancy at the property is 96%.