Select Commercial Closes Two Apartment Loans Totaling $8,345,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of two Apartment Loans totaling $8,345,000 for its client in Montclair, New Jersey. The two properties have been owned and managed by the borrower and his family for many years and are in good condition. Both properties were 90%+ rented at closing. The first property, located at 22 Upper Mountain and 370 Claremont Avenue, has 21 units located in 3 apartment buildings on a 1.09 acre site. The property was built in 1908 and 1965 with periodic renovations. The second property, located at 376-378-380 Claremont Avenue, has 30 units located in 3 apartment buildings on a 0.84 acre site. The property was built in 1947 with periodic renovations. The cash out refinances allowed the borrower to pay off higher rate bank loans and obtain significant cash out for new investment purposes. The borrower received non-recourse loans with 10 year fixed rates and 30 year amortizations. Select Commercial was able to provide the borrower with permanent loans at lower rates and longer amortizations than the borrower currently had with his local bank, by utilizing the small balance loan program available through Freddie Mac.
The borrower chose Select Commercial for their loans based on Select Commercial's knowledge of the market, their 35+ years of experience, their past relationship, and their "A+" rating with the Better Business Bureau. Stephen A. Sobin negotiated the loans on behalf of the borrowing entity. Mr. Sobin stated “We are very comfortable with this borrower, and we liked the properties very much. We are glad to make these loans and look forward to establishing a long-term relationship with our client”.
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.