Sunday, March 24, 2013

$8.4M Refi fwas arranged or Philly Apts

$8.4 million permanent refinance loan was secured for a portfolio of two Philadelphia apartment communities totaling 120 units in four buildings. 

The seven-year loan has a 3.2 percent interest rate with a 30-year amortization schedule. The loan-to-value comes in at 65 percent. 

"Agency lenders did not represent the best option, since the properties were situated in emerging neighborhoods.But the investor had noted the current low interest rates and made the decision to grow this previously family-owned portfolio with a cash-out, so there was a lender who appreciated the locations’ value-add opportunities." 

"Educating potential lenders was part of the process, as not all were familiar with Philadelphia’s current multifamily growth patterns. But eventually we found one who understood the neighborhoods’ potential, a view we supported through our broker network’s expertise and careful research."

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