Select Commercial Closes Bridge Loan of $9,000,000

Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $9,000,000 Apartment Bridge Loan, for the refinance of a multifamily apartment property containing 64 units on a 5.7 acre site located at 1826 Colony Hill Road, Abilene Texas.  The property is a recently constructed build-for-rent apartment complex consisting of 9 one-story buildings each with a private, fenced, turf backyard. The property contains 83,583 square feet of gross building area and 76,800 square feet of net rentable area.  The property was not stabilized yet at closing and our borrower needed to refinance a maturing construction loan.

Our loan provided a 5-year term, and a limited prepayment penalty, in order to give the borrower ample time to stabilize the property while he waits for market rates to come back down”, said Stephen Sobin, President of Select Commercial, adding, “We look forward to providing a long-term fixed rate option once the property qualifies.”

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.  Daniel Sobin, Vice President of Originations, negotiated the loan on behalf of the borrower and the borrowing entity.