Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,430,000 Apartment Loan for the refinance of a small apartment building located in Anaheim, California (Orange County).
The subject is an 11-unit apartment located at 416 East Sycamore Street in Anaheim. The property is a multifamily walkup consisting of a single two-story apartment building with lower level garages. The improvements were constructed in 1980 and are situated on a 0.35 acre site. The unit mix includes 1-bedroom, 2-bedroom, and 3-bedroom units. Current occupancy is 100%. The property appraised for $3,000,000 resulting in a loan to value ratio of 48%.
The refinance allowed the borrower to pay off a higher rate loan and obtain significant cash out for other business purposes. The borrower received a 10 year fixed rate loan, followed by a 10 year adjustable period, and a 30 year amortization. The loan was made under our Freddie Mac small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, significant cash out, a lower rate, and a longer term.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings under our portfolio small balance loan program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.