SCOTTDALE, GA - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,708,000 loan for the refinance of the Creekview Townhomes apartment complex located in Scottdale Georgia (Atlanta MSA).
The complex is a 42-unit low rise/garden apartment located on a 3.34 acre site, located at 437 Creekview Court in Scottdale. The property consists of 7 buildings each containing 6 apartment units. The apartments were built in 1984 and are in good condition. Occupancy rate at closing was 90.5%. Average unit size is 1,354 square feet and the average rent is $875/unit.
The refinance allowed the borrower to pay off a higher rate maturing loan and obtain cash out for other business purposes. The borrower received a 10 year fixed rate loan which converts to an adjustable for a second 10 year period. The loan has a 20 year term and a 30 year amortization. The loan was made under Freddie Mac’s small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, significant cash out, a lower rate, and a longer term. The Freddie Mac loan program is designed for small multifamily loans in the $1,000,000 to $7,500,000 range.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings under the Freddie Mac small balance loan program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.