Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,300,000 Apartment Loan, for the refinance of a three building portfolio of small apartments, totaling 16 apartment units, in scattered sites in Bayonne, New Jersey. The buildings are 3-story and 4-story walkup properties with 14,054 square feet of gross building area and 11,953 square feet of gross leasable area. The properties contain a mix of 1-, 2-, 3-, and 4-bedroom units and were 100% occupied at closing. The properties were constructed around 1920 and were in average condition. “Select Commercial specializes in financing apartment properties, and we lend on smaller as well as much larger properties”, 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 loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “The borrower liked our low fixed rate loan and was able to take cash out for further investment” said Mr. Sobin, adding, “This is our first transaction with this borrower, and we look forward to working together again soon”.
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.