ValueXpress provided a $2,200,000 Fannie Mae loan through the Small Mortgage Loan Program secured by a 37-unit garden apartment complex located in Pascagoula, Mississippi. The property was constructed in 1978 with the first floor and portions of the second floor gut renovated in 2007 after the building suffered extensive damage from Hurricane Katrina. The two-story complex contains six buildings and was 97% occupied at closing.
Pascagoula is located along Mississippi’s Gulf Coast and is part of the Biloxi-Gulfport-Pascagoula Metropolitan Statistical Area. Located 110 miles east of New Orleans, 40 miles west of Mobile and 20 miles east of Biloxi, this area has historically been known as a relaxed beach destination. Since legalization of gambling in 1992, the Mississippi Gulf Coast has grown into a regional tourist destination.
The purpose of the loan was to refinance a seller-provided financing that was utilized to purchase the property. The loan was structured with a 10-year term based on a 30-year amortization schedule.