Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,500,000 Apartment Loan, for the refinance of a multifamily (garden/low-rise) apartment property totaling 38 units on a 1.01 acre site located at 725, 730, and 760 K Street in Idaho Falls, Idaho. The site consists of two non-contiguous parcels. The improvements were built in 1976 (730 and 760 K Street) and 1974 (725 K Street) and are in average condition and have a remaining economic life of 30 years. Buildings 730 and 760 are 3-story while the 725 building is 2-story. The property contains 31,368 square feet of net rentable area and the average apartment size is 825 square feet. The property contains 10 1-bedroom units and 28 2-bedroom units. The apartments were 94.7% occupied at closing. “Our borrower was looking to refinance higher rate debt and obtain a longer term. We offered a 10 year fixed rate and a 30 year amortization. Our rate was significantly lower as well.”, commented Stephen A. Sobin, President and Founder of Select Commercial.
Although the property was located in a smaller market, and the borrower did not live locally, we were comfortable with the property and the borrower” said Mr. Sobin, adding, “This is our first transaction with this borrower, and we hope to work together again.”
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.