Select Commercial Closes Apartment Bridge Loan of $2,776,491
Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,776,491 Apartment Bridge Loan, for the refinance and renovation of two multifamily apartment properties totaling 43 units located 0.2 miles apart in Chicago.
The first property, located on West Roosevelt Road, had 31 apartment units and 6,900 square feet of ground floor retail located on a 0.386-acre site. The occupancy rate at closing was 55%.
The second property, located on South Mason Avenue, had 12 apartment units on a 0.174-acre site. The occupancy rate at closing was 92%. Both properties needed renovation in order to bring the units to current market rents.
Our loan was used to pay off existing indebtedness and provide funds for renovation of the units. The bridge loan was made for two years with options for extensions, if needed. The loan to value was 65%. The goal was to stabilize the property for future refinance into long term, permanent debt.
'Our borrower needed to pay off a maturing loan and obtain cash to renovate these properties. Our bridge loan option was the perfect solution to our customer's needs', commented Stephen A. Sobin, President and Founder of Select Commercial.
'Once the renovations are complete, and the property is leased up, we will assist our customer with a loan through our Freddie Mac SBL platform', added Mr. Sobin.
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.
About Select Commercial
About Select Commercial Funding LLC
The professionals at Select Commercial Funding LLC are commercial mortgage consultants focused on providing the best financing solutions for each deal and every client. We manage every detail of the loan process from start to finish and are proud of the reputation we've established with our clients. We act as your professional commercial real estate loan advisor to help find the optimal financing solutions for you by offering personalized service and custom tailored loan programs to suit your individual needs. From small loans to large loans, we deliver the results that have earned the trust and confidence of borrowers and lenders nationwide.
Select Commercial specializes in apartment building loans, commercial real estate loans, and business real estate loans nationwide, with a minimum loan size of $1,500,000.
President of Select Commercial
About President Stephen A. Sobin
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. Mr. Sobin has over 35 years’ experience originating commercial real estate loans. He formed Select Commercial to offer commercial mortgage banking and real estate capital advisory services to his clients on a national basis. His goal was to become an advocate for his clients and to help them navigate the ever-changing economic conditions facing the banking industry and to assist them by providing access to commercial real estate funds despite the uncertainty of the capital markets. The company was founded on the belief that most small to medium sized property and business owners lacked the expertise and sources to obtain the best financing options in the $1,500,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.