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”.