Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $5,932,000 Apartment Loan, for the refinance of a 54 unit garden low-rise, market rate apartment complex known as The Chase at Lake Arthur located in Port Arthur (Nederland) Texas. The apartment complex is comprised of eight 2-story buildings on a 3.153 acre site with parking for 117 cars. There are 40 two-bedroom and 14 three-bedroom units with an average rental of $1,167 per unit and an average unit size of 1399 square feet. The property was newly constructed in 2019 and recently leased up. “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.
54 unit garden low-rise Apartment Loan
The borrower received a 10 year fixed rate loan term and a 30 year amortization. The rate was 3.83% and the loan included two years of interest only payments. “The borrower liked the fact that we were able to offer a low fixed rate for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we have a great track record working with him. This is the fourth transaction we have closed 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.