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$34,000,000
First Mortgage
Carriage Hill
Apartments
Richmond, Virginia |
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Carriage Hill Apartments is a 664 unit garden apartment community
catering to active adults 65 and over. It is located six miles northwest
of downtown Richmond with nearby access to Interstates 95 and 64.
The property, which is located on a 47+ acre site, consists of 81
two and three story buildings with a mix of one-, two- and three-bedroom
units, which were built between 1964 and 1979. The property has numerous
amenities available to the residents, including an Olympic-sized pool
and wading pool, a sauna, steam room and indoor Jacuzzi, a fitness
center, putting greens, sand traps and driving cages, tennis courts,
library, as well as fitness trails.
Suburban provided a first mortgage loan to the borrower for the acquisition
of the property. The loan was a fixed-rate mortgage having a 10-year
maturity with a 30-year amortization, and was priced at a fixed interest
rate spread over the 10-Year U.S. Treasury Bond Index.
Suburban provided the borrower with a loan amount which was at 80%
of loan to cost. Additionally, Suburban was able to provide the borrower
with and interest only period of 24 months.
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