Harborside Commons Apartments – Charlotte, NC

June 20, 2007 - Union Capital Investments, LLC provided permanent financing for the acquisition of Harborside Commons Apartments in the amount of $21,200,000. The 5.86% fixed rate loan is for a ten year term with interest only payments for the term of the loan, and is based on an 80% loan-to-value, with debt service coverage of 1.21. 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 33 deals for more than $560,000,000 for the Borrower.

Harborside Commons Apartments, located in Charlotte, North Carolina, is a 264 unit Class A property located on 16.50 acres. The complex was developed in 2005 and features 13 three-story walk-up apartment buildings, a clubhouse, swimming pool with sundeck, laundry facility, fitness center, outdoor gathering area with fireplace, barbeque grills, coffee bar and business center with high speed internet access. Additional amenities include detached storage units, 10 boat storage spaces, and a designated car care area. The unit mix includes 124 one-bedroom units, 116 two-bedroom units and 24 three-bedroom units. The location is ideal, situated just east of Lake Norman, in a rapidly expanding suburban market, twenty miles from the Charlotte CBD. Harborside Commons is 96% occupied.