Select Commercial Closes Apartment Loan of $1,500,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,550,000 Apartment Loan, for the refinance of a 6 unit semi-detached urban row house apartment property located on the NW corner of 11th and P Streets in the Logan Circle neighborhood of NW Washington DC. The property totals 5,812 square feet of gross building area and 5,410 square feet of net rentable area. The property was constructed in 1900 and was 100% occupied at closing. “Select Commercial specializes in financing apartment properties, and we offer loans of $1,500,00 to $25,000,000 or more”, commented Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 10-year loan term and a 35-year amortization. The loan was used to pay off and refinance a maturing loan. “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.