Select Commercial Closes Apartment Loan of $2,472,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,472,000 Apartment Loan, for the acquisition of a multifamily (garden/low rise) property totaling 80 units located on three noncontiguous sites totaling 1.63 acres located at 250 Tudor Avenue, 525 Carroll Street, 2360 and 2368 E Market Street in Akron, Ohio. The improvements were built in 1972, 1978, and 1989. The improvements are considered to be in average condition and estimated to have a remaining economic life of 30 years. The subject has a current occupancy rate of 91.3% 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. “This is our second loan to this borrower, and we look 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 management experience”.

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.