Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $2,000,000 Apartment Loan for the refinance of three small apartment buildings located in Metairie, LA (Jefferson Parish).
The complex is a 32-unit apartment located at 308 Live Oak Street, 820 Martin Behrman Avenue, and 2121 Cleary Avenue. The subject property is a multifamily (garden/low rise) that was built in 1980. The improvements are considered to be in average condition and estimated to have a remaining economic life of 35 years. The subject has a current occupancy level of 94%. The property appraised for $2,770,000 resulting in a loan to value ratio of 72%.
The refinance allowed the borrower to pay off a higher rate loan and obtain significant cash out for other business purposes. The borrower received a 10 year fixed rate loan and a 30 year amortization. The loan was made under our Freddie Mac small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, significant cash out, a lower rate, and a longer term.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings under our portfolio small balance loan program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.