First syndication - Spartanburg, SC

[Brian Briscoe]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Spartanburg.

Purchase price: $2,900,000
Cash invested: $100,000

39 unit, B-Class asset in downtown Spartanburg which is dominated by A-Class multifamily units. Will add value by renvoting interiors and increasing curb appeal.

What made you interested in investing in this type of deal?

Great location - downtown Spartanburg is experiencing a ton of growth and expected to keep growing in the future.

How did you find this deal and how did you negotiate it?

Off-market listing from broker.

How did you finance this deal?

Fannie Mae small balance loan

How did you add value to the deal?

Renovating interiors, sprucing up exteriors. Renovation budget is $700k.

[Brian Briscoe]

@Mashika Johnson - it was a syndication, so I only put $100k in, but we raised a total of $2M.

@Lamont Marable - main requirements were net worth and experience. My group had the net worth requirement, but we had to partner with someone with more experience to get the loan.  Fannie changes every day, but at the time they were looking for 2+ years of multifamily exp.