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.