Select Commercial Closes Apartment Loan of $2,199,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,199,000 Apartment Loan, for the refinance of a multifamily apartment property containing 46 units on a 1.83 acre site located at 75 and 89 Brookhaven Road in Morgantown, West Virginia. The property consists of a four-story residential building and a two-story walkup with 29,965 square feet of gross building area and 27,700 square feet of net rentable area. The properties were built in 2006 and 2010 and fully renovated in 2022-2023. 95.7% of the apartments were occupied at closing. Our borrower purchased the property in severe disrepair in November 2022 and the property was not operating at a stabilized level. Our borrower completely renovated and re-tenanted the entire property using construction financing. Our loan was used to pay off construction financing with a long term, fixed rate loan.

Our refinance loan was non-recourse (no personal guarantee) and originated through the Freddie Mac SBL program. “Our borrower obtained a 10-year fixed rate loan and a 30-year amortization”, said Stephen Sobin, President of Select Commercial, adding, “This is our first transaction with this borrower, and we hope to work together again.”

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.