$23.86 MILLION LOAN AWARDED FOR APARTMENT REFINANCE
BILOXI, MISS. — An affiliate of Dawn Properties has received a $23.86 million loan to refinance the 316-unit Grand Biscayne Apartments, located at 14510 Lemoyne Blvd. in Biloxi. Grand Biscayne encompasses 30 two- and three-story buildings on 18 acres. Complex amenities include a swimming pool, a fitness center and a business center. The 7-year loan comes with 2 years of interest-only payments and a 30-year amortization. The loan to value ratio is 80 percent. Thomas Hagwood of Capmark Finance’s Birmingham, Ala., office arranged the financing through the company’s Freddie Mac program.