Select Commercial Closes Self Storage Loan of $6,700,000
Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $6,700,000 commercial mortgage loan for the refinance of a 961-unit self-storage property located at 9402 North Navarro Street, Victoria, Texas 77904. The property consists of 15 buildings with 145,545 square feet of gross building area on 9.34 acres. The property was constructed in 2005 and is in good condition. The average unit size is 151 square feet, and 442 units are climate controlled. The property was 78.5% leased at closing. “Select Commercial was very comfortable with the property, location, ownership and management team”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 5-year fixed rate, a 15-year loan term and a 25-year amortization. The loan was used to refinance a maturing CMBS loan and featured a very small prepayment penalty. “Our borrower’s previous loan had a very onerous defeasance prepayment penalty. We offered an easy stepdown penalty of 3%/2%/1% for the first three years only” said Mr. Sobin, adding, “Our rate was much lower than prevailing rates in the market”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ 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.
About Select Commercial
About Select Commercial Funding LLC
The professionals at Select Commercial Funding LLC are commercial mortgage consultants focused on providing the best financing solutions for each deal and every client. We manage every detail of the loan process from start to finish and are proud of the reputation we've established with our clients. We act as your professional commercial real estate loan advisor to help find the optimal financing solutions for you by offering personalized service and custom tailored loan programs to suit your individual needs. From small loans to large loans, we deliver the results that have earned the trust and confidence of borrowers and lenders nationwide.
Select Commercial specializes in apartment building loans, commercial real estate loans, and business real estate loans nationwide, with a minimum loan size of $1,500,000.
President of Select Commercial
About President Stephen A. Sobin
Stephen A. Sobin is the President and Founder of Select Commercial Funding LLC. Mr. Sobin has over 35 years’ experience originating commercial real estate loans. He formed Select Commercial to offer commercial mortgage banking and real estate capital advisory services to his clients on a national basis. His goal was to become an advocate for his clients and to help them navigate the ever-changing economic conditions facing the banking industry and to assist them by providing access to commercial real estate funds despite the uncertainty of the capital markets. The company was founded on the belief that most small to medium sized property and business owners lacked the expertise and sources to obtain the best financing options in the $1,500,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.