Squire Hill Apartments – Richmond, VA

April 3, 2007 - Union Capital Investments, LLC provided permanent financing for the refinance of Addison at Swift Creek Apartments in the amount of $16,590,000. The 5.78% fixed rate loan is for a ten year term with interest only payments for the term of the loan, and is based on an 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.

Squire Hill Apartments, located in Richmond, Virginia, is part of a four phase, 651-unit complex which was developed by the Borrower between 1973 and 1990. Squire Hill contains 210 garden and townhouse units housed in 27 buildings, on 19.75 acres. There are 48 1BR/1BA units, 20 2BR/1_BA garden units, 91 2BR/1_BA townhouse units, 11 3BR/1_BA garden units, and 40 3BR/1_ townhouses. Amenities include a large swimming pool, a children’s pool, a clubhouse, tennis courts and a playground. The property was developed in 1974 and implements an active maintenance and capital replacement program. Over the last 3 years over $675,000 has been spent in capital improvements at the property. Squire Hill is a good Class B property with 99% occupancy.