Kalikow Group refinances $10.779 million for North Carolina apartments

The Kalikow Group, on behalf of Mebane Apartments Associates, a N.Y.-based joint venture, has closed on a $10.779 million permanent first mortgage through Arbor Commercial Funding, LLC for the Ashbury Sq. Apartments, according to Edward Kalikow, president and CEO of The Kalikow Group. The new loan replaces initial construction financing for the property. Located at 202 Ashbury Blvd. in Orange County, the rental apartment property consists of 192 units within eight two- and three-story apartment buildings totaling approximately 187,760 net rentable s/f. The 19.2-acre community also includes 41 detached garages, clubhouse, swimming pool, playground, maintenance shop and laundry facility. The site was acquired by Mebane Apartment Associates in 2005 and construction was completed in 2007. The property is currently 98 percent occupied and is the newest development of its type in the area. It is ideally located with easy access to entertainment, shopping, hospitals, schools and numerous places of employment. Among the leading employers in Orange County, NC are UNC Hospitals, Blue Cross & Blue Shield of NC, Wal-Mart, General Electric Corp. and Aramark Services. Located in central North Carolina midway between the Blue Ridge Mountains and Atlantic Ocean, the Mebane area is a stable, diversified community with an excellent transportation network and strong employment base. It is convenient to both the Research Triangle and the Piedmont Triad regions, located between the cities of Raleigh and Greensboro, N.C. "Ashbury Square Apartments in Mebane, N.C. offers a moderately priced alternative to larger, overpopulated metropolitan areas in the vicinity," said Kalikow. "The development offers an excellent environment to live and work, convenient interstate access and excellent entertainment, shopping, schools, hospitals and employment opportunities within a five-mile radius." ABOUT THE KALIKOW GROUP The Kalikow Group is a private source of Joint Venture Equity financing for middle-market Real Estate Developers, Operators and Builders. Headed by Edward Kalikow, it has been acquiring, developing and investing in all types of real estate projects for well over 30 years. The Kalikow Group is a multifaceted source of equity for a variety of investment platforms including retail, multifamily, condominiums and single-family home development, as well as land-development for national home builders. To date, The Kalikow Group has raised over $100 million of equity capital which has funded projects valued in excess of $850 million. ###