• 74% LTV
  • 1-year term
  • 1% interest
  • Southeast Multifamily

Commercial Financing for North Carolina Apartment Project

The Eden multifamily project involves the purchase of an existing four-story commercial building in Eden, North Carolina, and turning it into a 29-unit apartment complex.

The property is in a great location on a main street with high visibility and complementary properties. The property is currently vacant and will be undergoing extensive rehab, including the addition of elevators, the creation of a ground level private fitness center, and five 2-story, 2-bedroom, 1.5 bath units. The remaining units will be a mixture of studio and one bedroom. The completed units will be renovated with all new interior finish, new electrical wiring, new plumbing, new storefront and new roof. The interior finish will include hardwood floors, granite counters, satin nickel fixtures, stainless steel appliances including built-in microwave, ceramic tile flooring in bathrooms, ceramic tubs, sold wood interior doors and double-pane windows. The Sponsor is a licensed Master General Contractor with nearly twenty years of experience as the Managing Member of Carpino Investments 2, LLC and COO of Patriot Home Builders.

In addition to this purchase, they have completed numerous other projects nationwide. Two of which are also in Eden, NC, capitalizing on the lack of apartment living in Greensboro, NC.