Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,700,000 Apartment Loan, for the refinance of a 24 unit, three story, market rate apartment building located on North Kedvale Avenue in Chicago, Illinois. The apartment complex is located on a 0.42 acre site with a gross building area of 19,600 square feet. There are 12 two-bedroom and 12 one-bedroom units with an average unit size of 735 square feet. The property was built in 1974 and is 96% occupied. “Select Commercial specializes in financing apartment buildings, and we are extremely 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 borrower was able to refinance into a long term, fixed rate loan, thereby realizing a significant monthly payment reduction. “The borrower appreciated 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 have a great track record working with him. We have closed multiple loans together and look forward to doing continued business together”.
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.