Select Commercial Closes Apartment Loan of $2,199,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,199,000 Apartment Loan, for the refinance of a multifamily apartment property containing 46 units on a 1.83 acre site located at 75 and 89 Brookhaven Road in Morgantown, West Virginia. The property consists of a four-story residential building and a two-story walkup with 29,965 square feet of gross building area and 27,700 square feet of net rentable area. The properties were built in 2006 and 2010 and fully renovated in 2022-2023. 95.7% of the apartments were occupied at closing. Our borrower purchased the property in severe disrepair in November 2022 and the property was not operating at a stabilized level. Our borrower completely renovated and re-tenanted the entire property using construction financing. Our loan was used to pay off construction financing with a long term, fixed rate loan.
Our refinance loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “Our borrower obtained a 10-year fixed rate loan and a 30-year amortization”, said Stephen Sobin, President of Select Commercial, 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 40+ 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.