Select Commercial Closes Apartment Loan of $2,300,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,300,000 Apartment Loan, for the refinance of a 13-unit multi-family garden apartment property located at 3218 W Olive in Chicago, IL (Cook County). The property consists of a single, four-story apartment building with 10,644 square feet of gross building area and 9,580 square feet of gross leasable area. The property was constructed in 1931 and totally renovated between 2019 and 2021 with high-end finishes. The building is located on a 0.16-acre site and was 92.3% leased at closing. “Select Commercial specializes in financing apartment properties, and we lend on smaller as well as much larger properties”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 5-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. “Our borrower obtained a rate that was lower than his local bank and did not need to sign a personal guarantee” said Mr. Sobin, adding, “We have previously closed several loans for this borrower, and we look forward to working together again very soon”.

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.