ValueXpress obtained a $4.9-million CMBS conduit loan secured by a residential apartment complex located in Lake Charles, LA. The two-story garden apartment complex, built in 1978, consists of 112 rental apartments in 14 separate buildings. Significant renovation of the property was conducted during 2005-2006. The renovation included new stucco for the majority of the exterior walls, leasing office renovation, exterior paint, interior lights, carpet, appliances, new double-pane windows, HVAC components replacement and painting of cabinets. Property amenities include a swimming pool with sunning deck, playground, basketball court and picnic area. Other features include on-site laundry facilities, washer/dryer hook-ups, private patios/balconies, wood burning fireplaces and walk-in closets. The property was 97% occupied at closing. The 75% LTV 10-year fixed-rate loan amortizes on a 25-year schedule.
You are here: Home / Recent Closings / ValueXpress Obtains $4.9-Million CMBS Conduit Loan for a 112-Unit Apartment Complex in Lousiana