Fayetteville, N.C. — Eco Modern Flats are the first LEED platinum multifamily community in Arkansas.
Fayetteville, Ark. — Grandbridge Real Estate Capital recently closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas. The permanent fixed rate loan was originated by Atlanta-based Senior Vice President Alan Tapie.
The property is the first multifamily community in Arkansas to be awarded LEED platinum certification. Green design elements include solar heated hot water, landscaping with native plants, innovative heating and cooling systems and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. The renovated student apartments opened in May 2011. The developer was Specialized Real Estate Group.
Funding for the loan was provided by Fannie Mae and was structured with a 10-year term, 30-year amortization and closed with an interest rate of 3.98 percent. "This refinance allowed the owner to retire the current bank loan and fix the interest rate below 4.0 percent for 10 years," explained Tapie.
"This asset is one of the most impressive renovation jobs we have seen. The rehab was extensive and brought the property up to today's tenants' high standards. It has been well received by students at the University," said Tapies.