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