Trillium Capital Resources, based in Columbus, Georgia., is pleased to announce the successful acquisition and financing of Carolyne Ridge Apartments. Carolyne Ridge was constructed in 2004 and is located within ½ mile of Columbus State University. Carolyne Ridge’s tenant profile is not student however, but has the potential for conversion due to it’s split two bedroom floor plan. There are several student housing projects within a one mile radius with some being owned by Columbus State University. Based on the economics of the transaction, the purchaser’s equity injection of $335,000 will result in an annual return after debt service of 16.5% annually. Trillium represented the seller through Wes Lewis Broker, as well as arranged the financing through the FNMA small balance lending program. The buyer purchased the property for $1.8 million and acquired the property at an effective cap rate of approximately 7.5% based on the current rent roll. The purchaser has room to increase the rents by 5%. The original listing price was $2.8 million the year prior to the acquisition. The financing terms were 4.9% fixed for 12 years with a one year period of interest only at 83% loan to cost. The transaction was brokered by Trillium Capital Resources founder Scott Taccati, who also arranged the FNMA financing through Arbor. Trillium has offices in Columbus, Georgia, McDonough, Georgia and Jacksonville, Florida and specializes in commercial real estate financing for all income property types, with an emphasis in the multifamily sector. Trillium Capital Resources was founded in 2011 by Scott Taccati, a seasoned, commercial real estate banker with over 30 years experience.
For more information, please visit: www.trillium-capital.com