Sandpiper Apartments - Casselberry, FL

April 30, 2007 - Union Capital Investments, LLC provided permanent financing in the amount of $5,800,000 for the refinance of Sandpiper 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 59% loan-to-value with debt service coverage of 2.07. 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.

Sandpiper Apartments is a 196 unit affordable housing apartment complex in Casselberry, Florida. Sandpiper Apartments offers 80 one-bedroom garden units, 18 two-bedroom, 1 1/2-bathroom townhouse units, 36 two bedroom, two bathroom garden units, 24 two bedroom, two bathroom townhouse units, 16 three bedroom, two bathroom garden units, and 18 three bedroom, two bathroom garden units, all located on 14.8 acres, for a density of 13.24 units/acre. Units have walk-in closets, vaulted ceilings, fireplaces, patio and sunrooms. Community amenities include a swimming pool, clubhouse, and laundry. Rents range from $585 to $950, and the community is 98% occupied. Sixty-nine units are subject to rent restrictions.