Autumn Hills Apartments – Union City, GA

April 30, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $5,800,000 for the refinance of Autumn Hills Apartments. The loan is for a ten year term with interest only payments for the term of the loan. The 5.55% fixed rate loan is based on a 73% loan-to-value with debt service coverage of 1.77. Replacement Reserves are capped at two years’ worth. The Borrower specializes in affordable housing, and currently owns nine multifamily properties and manages 28 apartment properties in Florida, Georgia and Washington, D.C. Union Capital concurrently processed two additional loans for the Borrower.

Autumn Hills Apartments is a 191 unit, affordable housing, Class B apartment complex located in Union City, Georgia, just 5 miles from Atlanta’s Hartsfield-Jackson International Airport, the world’s busiest passenger airport and a primary employment center within Atlanta. Autumn Hills offers 32 one-bedroom units, 36 two-bedroom two-bathroom units, and 123 two-bedroom townhouses, all located on 20.99 acres, for a density of 9.1 units/acre. Units have walk-in closets, vaulted ceilings, fireplaces, patio and sunrooms. The floorplans are unique in that apartments do not overlap, so units are not one above the other. Community amenities include a swimming pool, clubhouse, fitness room and playground. Forty-eight units are subject to rent restrictions.