one day, 2 major milestones for our company!!!
Autumnwoods Apartments, now 11 months into operation, we bought this property as REO in March 2014, renovated, improved its occupancy to above 95% and it is appraised for 4.4 million. Today we completed its cash our refi with a non-recourse loan, this is our first commercial refi and we took it very conservatively, only 45% loan to value.
Towne Terrace Apartments, this be our 10th group project, I am hoping it will achieve 90% occupancy within next 6 month.
Happy New Chinese New Years to all my friends!!!