Investment Firm Lends $48 Million Against a Greenville Apartment House

GREENVILLE, S.C., Oct. 20. Canyon Partners Real Estate, a private investment firm, has made a $48 million senior loan to refinance NorthPointe Apartments, a 286-unit building completed in 2021 about a mile north of downtown, where Wade Hampton Boulevard, East Stone Avenue and Church Street meet. The borrower is a joint venture of the developers, ECI Group and Central Realty Holdings, and Walker & Dunlop arranged the loan. The property also has nearly 21,400 square feet of shops on the ground floor and 597 garage spaces. The refinancing is cash-neutral, which means the new loan pays off the old one and puts no money in the owners' pockets. The rate and term were not disclosed.

Canyon said it was drawn by a high-quality building that has performed well despite a difficult supply backdrop, and said this is its fifth transaction with ECI. Canyon says it has capitalized about $7.6 billion of projects in the Southeast.

The 10-year Treasury yield, the benchmark for most commercial mortgages, climbed to about 4.99 per cent on Friday as rising crude prices revived worries about inflation, according to market reports. The Federal Reserve meets on Tuesday and Wednesday.