Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,280,000 Apartment Loan for the refinance of the La Linda Apartments located in Jefferson, Louisiana.
The complex is a 26 unit two-story, low rise/garden apartment located on a 1.16 acre site, located at 418 Central Avenue, Jefferson, LA. The building was built in 1960 and is in average condition. The property consists of six studios, nineteen 1-bedroom apartments, and one 2-bedroom unit. The average unit size is 524 square feet.
The refinance allowed the borrower to pay off a higher rate loan and extend the loan term and amortization. The borrower received a 10 year fixed rate period, followed by a 10 year adjustable period and a 30 year amortization using Freddie Mac’s small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, a lower rate, and a longer term and amortization. The Freddie Mac loan program is designed for small multifamily loans in the $1,000,000 to $7,500,000 range.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings for the borrowing entity. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.