Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of two Apartment Loans, totaling $3,890,000 for its developer client in Weymouth, Massachusetts. The two properties were developed by the borrower, a local developer, in 2018, and are in good condition. Both properties were 100% rented at closing. The first property, located at 20 Humphrey Street in Weymouth, is a 10 unit apartment building located on a 0.74 acre site with space for 26 parking spots. The average unit size is 830 square feet, and the average monthly rental is $1,640. The second property, located at 1187 Commercial Street in Weymouth, is a 12 unit apartment building located on a 0.76 acre site with space for 25 parking spots. The average unit size is 775 square feet, and the average monthly rental is $1,529. The cash out refinances allowed the borrower to pay off higher rate bank loans and obtain cash out for new investment purposes. The borrower received non-recourse loans with 10 year fixed rates and 30 year amortizations. Select Commercial was able to provide the borrower with permanent loans at lower rates and longer amortizations than the borrower currently had with his local bank, by utilizing the small balance loan program available through Freddie Mac.
The borrower chose Select Commercial for their loans based on Select Commercial's knowledge of the market, their 35+ years of experience, their past relationship, and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loans on behalf of the borrowing entity. Mr. Sobin stated “We are very comfortable with this borrower/developer, and we liked the properties very much. We are glad to make these loans and continue our long-standing relationship with our client”.