Select Commercial Closes Two Apartment Loans Totaling $7,000,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of two Apartment Loans totaling $7,000,000 for a repeat client, financing multifamily properties in Cobleskill and Potsdam, New York.

The first loan, a $3,000,000 cash-out refinance, is secured by Stone Bridge Apartments, a 52-unit garden-style multifamily property on approximately 5 acres at 131 MacArthur Avenue in Cobleskill, New York. The improvements were built in 1982, and the borrower has completed an extensive renovation program since acquiring the property in 2022. The subject has a current occupancy rate of 96.2% at closing. The borrower received a 10-year loan term with a fixed rate for the first five years and a 25-year amortization. The cash-out proceeds were used toward the acquisition of the second property.

The second loan, a $4,000,000 acquisition and rehab loan, is secured by Meadow East, a 100-unit garden and townhouse multifamily property with 14 buildings on 15.40 acres at 118 Leroy Street in Potsdam, New York. The improvements were built in 1966, and the loan includes $1,200,000 for planned renovations. The borrower received a 10-year loan term with a fixed rate for the first five years, a 25-year amortization, and two years of interest-only payments.

“Select Commercial specializes in financing apartment properties, and we are very pleased to have provided our customer with a long-term refinance and the acquisition and renovation financing for his next property,” commented Stephen A. Sobin, President and Founder of Select Commercial. “This borrower is a repeat client, and we look forward to many more successful closings in the future,” said Mr. Sobin, adding, “Our borrower impressed us with his knowledge of the local market and his renovation and management experience.”

The borrower chose Select Commercial for their loans based on Select Commercial's knowledge of the market, their 40 years of experience and their "A+" rating with the Better Business Bureau. Daniel Sobin negotiated the loans on behalf of the borrower and the borrowing entities.