Select Commercial Closes Apartment Loan of $4,620,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $4,620,000 Apartment Loan for the refinance of the Buckingham Court apartment complex located in Crystal Lake, Illinois (McHenry County).
The complex is a 69-unit apartment located on a 4.32-acre site, located at 421-461 and 460-470 Buckingham Drive and 804-810 Eletson Drive in Crystal Lake (Chicago suburb). The property consists of 4 two and three-story walk-up buildings. The apartments were built between 1986 and 1989 and are in good condition. Occupancy rate at closing was 99%.
Average unit size is 850 square feet and the average monthly rent is $964. The unit mix includes 19 one bedroom units, 38 two bedroom units and 12 three bedroom units. Common area amenities include an on-site leasing office, laundry rooms, and storage lockers. There is surface parking for 103 vehicles. The property appraised for $6,800,000 and the loan-to-value ratio was 68%.
The refinance allowed the borrower to pay off a higher rate loan and obtain significant cash out for other business purposes. The borrower received a 10 year fixed rate loan and a 30 year amortization. The loan was made under our portfolio small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, significant cash out, a lower rate, and a longer term.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings under our portfolio small balance loan program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.
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.