Greenwich, CT (PressExposure) December 03, 2013 -- AVANT Capital Partners has successfully closed a $3,600,000 conventional loan secured by a stabilized 103-unit multifamily complex located in Lynchburg, VA. The loan refinanced the property at an improved interest rate; it amortizes on a 30-year schedule and has a 10-year term.
The property, known as Whitestone Village Townhomes, was originally built in 1987 and is situated on three parcels containing 6.27-acres. All units feature townhouse-style floor plans, containing 2 bedrooms and 1.5 bathrooms in approximately 900-SF. The property is currently 100% occupied and has enjoyed a history of stable occupancy. The tenant mix includes new and expanding families who are seeking reasonable rent and proximity to local conveniences.
The property is well-located with easy access to area retail and services. Waterlick Shopping Center is located approximately half a mile away and features many restaurants and services providers. Timbrook Square Shopping Center is located 1.3 miles away and features retailers such as Big Lots and Joe Beans. Liberty University, a private Christian university, is located just 10 minutes from the property. Liberty University has an enrollment of 12,000 students and there are some tenants at the property that are graduate students at the university.
The city of Lynchburg is often referred to as "The Hill City" due to its mountainous picturesque landscape along the James River. This city is fueled by its rich history from the 19th century with its triumph from the Union in the Civil War. During this time period it was the second wealthiest city per capita in the nation due to its large plug tobacco manufacturing centers. Lynchburg is home to many historical sites, as well as many parks, trails and gardens.
According to Adam Luysterborghs, AVANT's Principal located in Greenwich CT, "we are having an outstanding fourth quarter and our pipeline of deals is also looking busy for 2014. We are offering bridge & conventional financing on deals ranging from $500,000 to $30,000,000 and the response to our lending programs has been consistently strong."