34 unit multifamily housing property. The apartments were built in two phases on non-contiguous sites, however it was managed as one property. Rhenium Capital was able to obtain a ‘scattered site’ waiver from Freddie Mac and qualify the property for the Freddie Mac SBL (small balance loan) program. We also had the DUS lender underwrite the cost savings on the borrower’s proforma expenses, which led to a higher debt coverage ratio (DCR) and earned the borrower additional savings on their interest rate.
One of the principals was not a United States citizen.
Scattered site - single managed apartment complex located on two separate parcels roughly a quarter mile apart.
Very small market - Gainesville, GA has a population of roughly 39,000.
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