Select Commercial Closes Apartment Loan of $1,519,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,519,000 Apartment Loan, for the refinance of a 35 unit low-income apartment property known as Alexander Square Apartments, located in Barberton OH (Akron Central Business District). The four-story apartment complex is located on a 0.1653-acre site and contains 20,650 square feet of net rentable area with an average unit size of 590 square feet. The property was constructed in 1927 and had a 97.1% occupancy rate at closing. “Select Commercial specializes in financing apartment properties, and we are very pleased to offer our customer a long-term fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 10-year fixed rate loan term, a 30-year amortization, and two years of interest only payments. The loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “The borrower needed to refinance and liked our rates and terms” said Mr. Sobin, adding, “This is our first transaction with this borrower, and we look forward to working together again soon”.

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 40 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.