Signature Property Group has completed a refinancing of Elevate Rocky River, a 360-unit rental community located in Monroe near Charlotte. The firm replaced the property’s prior construction financing with a new $64 million Freddie Mac loan, arranged by Regions Bank, following the community’s stabilization.
The garden-style community offers one- and two-bedroom floor plans and is described as pet-friendly, with modern amenities and refined finishes. Elevate Rocky River is positioned as a market-rate multifamily asset serving renters in the Monroe area with proximity to the broader Charlotte region.
The new debt was structured through the Freddie Mac Optigo Conventional Loan program, which is designed to finance both acquisitions and refinancings of market-rate and affordable multifamily properties. In this case, the program is being used to convert the property’s capital stack from construction financing to longer-term permanent debt.
Loan terms for the refinancing include a 10-year fixed-rate structure, paired with a 35-year amortization schedule. The financing was underwritten to a 1.20x debt service coverage ratio and a 70% loan-to-value, providing the sponsor with long-term, senior mortgage financing while maintaining moderate leverage. The structure also incorporates a period of partial interest-only payments, enhancing near-term cash flow at the property.
By securing permanent agency debt after stabilization, Signature Property Group has locked in long-term financing for Elevate Rocky River through the Freddie Mac platform, with Regions Bank serving as the arranging institution on the transaction.
