Bremner Woods II Apartments – Richmond, VA

March 29, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $13,640,000 for the refinance of Bremner Woods II Apartments. The loan is for a ten year term with interest only payments for the term of the loan. The 5.78% fixed rate loan is based on a 79% loan-to-value with debt service coverage of 1.16. 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 32 deals for more than $540,000,000 for the Borrower.

Bremner Woods II Apartments is one phase of a three phase, 516 unit apartment development. Bremner Woods II Apartments is a Class “B” apartment project that was developed in 1970 by the Borrower. It consists of 201 2BR/1BA townhouse units with 866 SF, contained in twenty-one two-story buildings on 14.14 acres. All units have a patio. Property amenities include a leasing office, swimming pool, sand volleyball court, playground, and laundry buildings. Rents range from $450 to $760 and occupancy is currently 98%.