Select Commercial Closes Apartment Loan of $7,172,400

Wichita Falls, Texas

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $7,172,400 Apartment Loan, for the refinance of an 88 unit apartment property known as Crescent Village North and South, located in Wichita Falls, Texas. The property's common amenities include carport parking, clubhouse, swimming pool, dog park/run, and BBQ/picnic area. “Select Commercial specializes in financing apartment properties, and we are very pleased to offer our customer a 35-year fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The subject property consists of a 1 story apartment community built in 2003 and 2005, containing 88 dwelling units (86,284 square feet NRA) in 21 residential buildings on a total of 7.881 acres of land. Crescent Village North is located at 4600 Old Jacksboro Highway and consists of 44 units on 3.450 acres of land, while Crescent Village South is located at 5020 Taft Boulevard and consists of 44 units on 4.431 acres of land. Both properties also have a 1-story ancillary building with one being utilized as the leasing office/clubhouse and the other being utilized as storage. The two sites/properties are approximately 2 miles apart and were financed together in one portfolio loan. Construction consists of wood frame buildings on concrete slabs with brick exteriors, and pitched, composition roofs. All units are 2-bedroom, 2-bathroom apartments with 935-1026 square feet of space.

The borrower received a fixed rate 35-year non-recourse loan (no personal guarantee) originated through HUD's 223(f) loan program. “Our client needed to refinance a maturing adjustable-rate bridge loan” said Mr. Sobin, adding, “Our 35-year fixed rate loan provides long term rate protection”.

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. Daniel Sobin negotiated the loan on behalf of the borrower and the borrowing entity.