Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,215,000 Apartment Loan, for the purchase of a 29 unit, market rate apartment building known as Cornell Street Apartments, located in Bakersfield, California. The apartment complex is located on a 1.15 acre site with a gross building area of 29,380 square feet. There are 25 2-bedroom units and 4 3-bedroom units with an average unit size of 1,013 square feet. The property was built in 1967 and is 100% occupied. “Select Commercial specializes in financing apartment acquisitions, and we are able to offer extremely low rates right now”, 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 borrower was looking for a long term, fixed rate loan to finance this acquisition. “The borrower liked that we were able to offer non-recourse financing” said Mr. Sobin, adding, “This a long-term investment for our borrower and we were glad to work together. We look forward to doing continued business together on future acquisitions”.
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.