$8,075,000 LOAN FOR A MULTIFAMILY PROPERTY IN SAN LEANDRO, CA
plaza-at-puente-hills-fs

Transaction Details

Loan Amount: $8,075,000
Rate: 4.035% Fixed for 5 Years
Term: 30 years
Amortization: 30 years
LTC: 95%
DCR: 1.30x
Prepayment: 3, 1, 1, 1
Recourse: Non-Recourse
Lender Origination Fee: None

Transaction Description

Summary: Continental Partners successfully arranged an $8,075,000 5-year fixed loan to refinance Metro 348 Apartments in San Leandro, CA. The Sponsor requested a fixed-rate, non-recourse, interest-only loan to refinance an existing bridge loan and provide cash out to investors. Metro 348 Apartments is a 38-unit apartment complex located just a few blocks away from the San Leandro Bay Area Rapid Transit (BART) station.

Opportunity: Continental Partners approached a number of Lenders with this request including banks, agency lenders, and credit unions. The asset was purchased significantly under-market and the Borrower was able to add a tremendous value with a very low cost basis in the deal. The Borrower specifically needed a lender with a high loan to cost threshold, as most lenders were uncomfortable refinancing a property with a loan amount north of 90% of cost if owned less than 24 months.

Result: Continental Partners was able to source a Lender who was able to provide 95% loan to cost on the deal, providing maximum cash out to the borrower. The lender provided a low-interest rate of 4.035%, soft prepay and waive recourse. The closing was an extremely smooth process with a total time of 39 days.

Continental Partners ©2017. All rights reserved. Developed By Thirty3 Marketing