Select Commercial Closes Apartment Loan of $2,472,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,472,000 Apartment Loan, , for the acquisition of a multifamily (garden/low rise) property totaling 80 units located on three noncontiguous sites totaling 1.63 acres located at 250 Tudor Avenue, 525 Carroll Street, 2360 and 2368 E Market Street in Akron, Ohio. The improvements were built in 1972, 1978, and 1989. The improvements are considered to be in average condition and estimated to have a remaining economic life of 30 years. The subject has a current occupancy rate of 91.3% at closing. “Select Commercial specializes in financing apartment properties, and we are very pleased to offer our customer a long-term fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10-year fixed rate loan term, a 30-year amortization, and two years of interest only payments. The loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “This is our second loan to this borrower, and we look to many more successful closings in the future” said Mr. Sobin, adding, “Our borrower impressed us with his knowledge of the local market and his management experience”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 40 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.
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.