Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $6,000,000 Apartment Loan, for the refinance of a 90 unit garden two story, apartment complex known as Crossroads of Enfield, located in Enfield Connecticut. The apartment complex is comprised of eleven 2-story buildings on an 18.24-acre site with parking for 212 cars, a clubhouse and a playground. The subject’s unit mix consists of 16 one-bedroom units, 6 two-bedroom flat units, 60 two-bedroom townhouse units, and 8 three-bedroom townhouse units. The property was constructed in 1984 and 98% occupied at the present time. “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.
The borrower received a 10 year fixed rate loan term and a 30 year amortization. The loan was non-recourse and originated through the Freddie Mac SBL program. “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 liked the sponsor and the property”.
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.