Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,738,000 Apartment Loan, for the refinance of a 15 unit garden low-rise, market rate apartment complex known as Highridge, located in Everett, Washington (Snohomish County). The apartment consists of 9,040 square feet of rentable space on a 0.25 acre site with parking for 15 cars. The average rental is $1,506 per unit and the average unit size is 576 square feet. The property was originally built in 1948 and newly renovated in 2018-2019 after a fire in 2017. “Select Commercial has extensive experience financing apartment properties, and we are very pleased to offer our customer a very low fixed rate loan” commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year fixed rate loan term and a 30 year amortization. The interest rate was fixed at 3.45% and the loan was non-recourse (no personal guarantee). “The borrower liked the fact that we were able to offer a low fixed rate for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we like the way the property has been historically managed”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.