COLOMBIA, South Carolina, Richmond, Virginia. – Chicago-based Alliant Credit Union provided loans totaling $ 55.4 million to finance two properties in Columbia and Richmond.
Funding included a $ 32 million acquisition loan for a newly built 285-unit apartment complex in Colombia. The unknown borrower was the private owner and operator of an apartment building. The structure of the loan includes only interest payments, minimum reserves and flexible exit options. Ira Zlotovits and Michael Vine of Eastern Union transferred the deal to Alliant Credit Union. The apartment complex, completed in 2019, features a resort-style pool, courtyard, clubhouse, fitness center and media room. The median square foot of apartments is 1,033 square feet and the median monthly rent is $ 1,390.
For the Richmond property, Alliant funded a $ 23.5 million refinancing loan for a newly built apartment block with 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and consultant with operations in the southeast. The loan was structured for a seven-year term with an interest-only payment period, a reduced interest rate, a repayment clause and flexible exit options. Charles Dubose and Harmon Handorf of Phillips Realty Capital have transferred the deal to Alliant. Completed in 2020, this mixed-use complex includes a clubhouse, fitness center, sky lounge, swimming pool and class A finishes.