Chapel Hill, N.C. — Howell Street Apartments has unusual bed-bath but is historic and close to campus.
Chapel Hill, N.C. — Grandbridge Real Estate Capital has closed an approximately $2.6 million first mortgage loan secured by Howell Street Apartments, a 16-unit student housing community in Chapel Hill, N.C. The permanent fixed-rate loan was originated by Raleigh-based Senior Vice President Bob Hukill. Funding for the refinance was provided by one of Grandbridge’s insurance correspondents. The 17-year loan features a 17-year amortization and closed with an interest rate of 4.65 percent.
“While student housing is a hot property type, Howell Street Apartments is an atypically configured student housing community. This property’s six bedrooms/three bathroom unit configuration was a hurdle we were able to surmount by focusing on the property’s historical and current 100 percent occupancy rate, its close proximity to the University of North Carolina at Chapel Hill campus and the barriers to new property entries into the Chapel Hill market,” Hukill said.