Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,092,000 Apartment Loan, for the purchase of a 50 unit garden apartment complex known as Lakeside Apartments, located in Brownsville, Texas (Cameron County). The two story apartment complex is located on a 7.1 acre site with parking for 107 cars and contains 41,618 square feet of net rentable area with an average unit size of 832 square feet. The property was constructed in 1965 and fully occupied at the present time. “Select Commercial has extensive experience financing apartment properties, and we are very pleased to offer our customer a very low fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 7 year fixed rate loan term and a 30 year amortization. Payments for the first year are interest only. The loan was non-recourse and originated through the Freddie Mac SBL program. “The borrower liked the fact that we were able to offer a low fixed rate for this purchase” said Mr. Sobin, adding, “This is the first transaction with this borrowing entity and we look forward to many more transactions together”.
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.