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Follow on Google News | Terrace Capital, Inc. Announces- $4.75MM Non-Recourse, Multifamily Loan- Johnson City, TNNew York, New York – December 11, 2012 – Terrace Capital announces the funding of a $4.75MM Fannie Mae multifamily mortgage on the Poplar Ridge Apartments located in Johnson City, TN.
By: www.terracecapital.com The Poplar Ridge Apartments is Class A, residential complex with 103 units and is located at 6319 Kingsport Hwy in Johnson City, TN. The facility has one, two & three bedroom apartments, high end finishes, private decks/patios and security systems. The project has well kept grounds with a park like atmosphere and is conveniently located near downtown shops, family restaurants & the famous Gray Fossil Site. Poplar has easy thruway access for commuters to highways 26, 36 and 75, providing excellent access to nearby employment opportunities. According to a senior underwriter at Terrace Capital, the Fannie Mae program generally provides the most advantageous rates for non-recourse, multifamily loans though there are multiple markets in the US where Fannie Mae and Freddie Mac are unwilling to lend at a 75% LTV. These markets are called “Pre-review” Terrace Capital focuses on non-recourse loans and preferred equity of $5MM and greater on income producing retail, office, industrial, multifamily, self-storage and hotel properties throughout the continental United States. The Firm is a leader in structuring permanent mortgages and equity for a wide range of real estate transactions. For more information about Terrace Capital and the services it provides, go to www.terracecapital.com. End
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