Select Commercial Closes Apartment Loan of $8,650,000

Hamden, CT

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $8,650,000 Apartment Loan, for the refinance of a 150 unit apartment property located at 835-865 Mix Avenue, Hamden CT (New Haven County). The property consists of two 4-story apartment buildings. The property was constructed in 1972 and was 95.3% occupied at closing. “Select Commercial specializes in financing apartment properties, and we offer loans of $1,500,00 to $25,000,000 or more”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 10-year full-term interest-only loan term. The loan was used to pay off and refinance a maturing loan and was financed under the Fannie Mae DUS program. “The borrowers needed to refinance and liked our rates and terms” said Mr. Sobin, adding, “The borrowers are experienced owners and apartment managers, and we are already at work refinancing their next property. I look forward to many more successful closings together”.

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 40 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.