192-Unit Multi-Family Community
Location: Western States
Property type: Multi-Family
Transaction type: Cash-Out Refinance
Loan amount: $18,880,000
Rate: 3.03% Fixed
Term: 15 Years
Amortization: Full Term Interest-Only
LTV: 52%
Guaranty: Non-Recourse
TRANSACTION DESCRIPTION
Team Hachem successfully arranged $18,880,000 in permanent financing for a 192-unit multifamily community. The loan is fixed for 15 years at 3.03% with interest-only payments for the entire term and significant cash-out proceeds. Despite the severe impacts of Covid-19 throughout the spring and summer, the Property was able to remain above 95% occupancy with minimal declines in rent collections. The team capitalized on the Property’s quality, market resiliency, strength of the Sponsor and low leverage to attract quality offers from several lenders.
