Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $17,281,000 Apartment Loan, for the refinance of a 224 unit multifamily garden/low rise property known as Compass Pointe I & II, located in Valparaiso IN (Porter County). The two-story apartment complex is located on a 17.62-acre site with parking for 462 cars and contains 213,376 square feet of net rentable area with an average unit size of 953 square feet. The property was constructed in 1999 and had a 98.2% occupancy rate at closing. The property’s common amenities include: fitness center, clubhouse, pet station, picnic area, swimming pool, on-site management, and sand volleyball court. “Select Commercial specializes in financing apartment properties, and we are very pleased to offer our customer a long-term, low fixed-rate loan, with significant cash-out”, 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 Fannie Mae’s DUS program. “Our client was looking to refinance his existing financing and obtain a cash-out refinance” said Mr. Sobin, adding, “This is our second transaction with this borrower, and we look forward to working together again the very near future”.
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.