Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $6,827,000 Apartment Loan, for the refinance of a 64 unit garden/low rise apartment property known as Brandywine Garden Apartments, located in West Chester, PA (Chester County). The three-story apartment complex is located on a 3.20-acre site with parking for 66 cars and contains 42,427 square feet of net rentable area with an average unit size of 663 square feet. The property was constructed in 1964 and had a 98.4% occupancy rate at closing. “Select Commercial specializes in 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 7-year fixed rate loan term and a 30-year amortization. The loan was non-recourse (no personal guarantee) 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 is our first transaction with this borrower, and we look forward to financing several more transactions together”.
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.