Gazebo Park Apartments – Acworth, GA

April 30, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $5,800,000 for the refinance of Gazebo Park 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 58% loan-to-value with debt service coverage of 1.86. Replacement Reserves are capped at two years’ worth, and the loan is open for prepayment at par for the last six months of the loan term. 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.

Gazebo Park Apartments is a 216 unit affordable housing apartment complex in Acworth, Georgia, just 30 miles from the Atlanta, Georgia CBD. The complex was developed in 1988 and offers 177 one-bedroom units and 39 two-bedroom units in 12 buildings, all located on 19.03 acres for a density of 11.37 units/acre. Community amenities include a swimming pool with a waterfall, a lighted tennis court, a pond with a waterfall and walking path, tanning salon, volleyball court, picnic area with grills, clubhouse, fitness center and laundry facilities. Rents range from $460 for a one bedroom efficiency unit up to $1,025 for a two-bedroom two-bathroom unit, and occupancy is 92%. Fifty-four units are subject to rent restrictions.