Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,250,000 Apartment Loan, for the purchase of a multifamily (garden/low-rise) apartment property containing 48 units on a 1.25 acre site located at 1424 Elizabeth Street in Lafayette, Indiana. The property is a two-story walkup with 36,896 square feet of gross building area and 33,072 square feet of net rentable area. The property consists of 16 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units. The apartments were 100% occupied at closing. The properties were constructed in 1997 and were in average condition. “Our borrower went first to his local credit union and was offered a 5 year fixed rate with a 25 year amortization. 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.
The acquisition loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “Our borrower’s cash flow position is much stronger with our loan as opposed to the loan with his credit union.” 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.