Commercial mortgage banking firm G.S. Wilcox & Co. has secured a $49.8 million construction loan for the second phase of an apartment complex in Union, it announced this week.
The 266-unit phase is being developed by a repeat client of the firm, which was not disclosed.
Financing was arranged by Gretchen Wilcox, president; Albert Raymond, principal; and Wesley Wilcox, vice president.
“We successfully sourced this financing on behalf of a repeat client for a project being constructed in two phases, with the first phase already built and established,” Raymond said in a prepared statement. “The second phase will include a new clubhouse and an additional 266 luxury apartments. The procured lender provided a lucrative floating-rate deal, which met the borrower’s needs on both a loan-to-cost and construction timeframe.”
The lender also was not disclosed.