COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond.
The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390.
For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the transaction to Alliant. Completed in 2020, the mixed-use property features a clubhouse, fitness center, sky lounge, pool and Class A unit finishes.