The Madison Group (TMG), arranged the $1,330,000 cash out
refinance of a student housing property in Idaho. The experienced owners are a repeat client of
TMG. They own and operate multiple commercial
properties. The borrower’s goals were to
get a significant amount of cash out with a quick closing. TMG secured the
financing with a 10-year fixed rate of 4.95% and a 30-year amortization at 75% loan-to-value
The property is in a prime location near Brigham Young University
- Idaho and is fully occupied. The
student housing facility is a 17,581-square-foot apartment complex with 16
townhome units housing 64 students. Each unit has two bedrooms and one bathroom
with the bedrooms and bathroom on the second floor. A manager’s home is also on the property. Five of the units have been fully remodeled
in the past year, and new siding and new roofs have been installed.
The loan needed to close quickly to allow the borrower to
obtain capital to invest into another project.
TMG also was able to overcome the difficulty of getting a cash out loan
on a student housing project in a small metro area with limited lenders.
“We were able to
get a local lender to close the loan quickly within the desired timeframe,”
said Angela Kesselman, TMG’s associate director of Finance. “The borrower’s financials were complicated
so our lender agreed to underwrite them quickly,” she added. “Third parties were also expedited to meet
the tight close time. We were able to satisfy the owner’s needs with a good
rate, flexible prepayment penalty, and the cash that allowed him to invest in
another project,” said Kesselman.
The financing was arranged by Angela Kesselman at
The Madison Group.
Group (www.madisongroupfunding.com) is a commercial loan broker and
consultant specializing in financing for investor properties nationwide. TMG
provides flexible and reliable capital for real estate acquisitions,
refinances, and re-capitalizations for a variety of property types
including: multifamily and student
housing, mobile home parks, credit tenant NNN net lease, office, retail,
industrial, self-storage and other commercial properties in the United
States. Established in 2001, The Madison
Group’s intention is to provide highly competitive loan products through its
superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get
the transaction closed and funded.
Group can be reached at 435-785-8350 or by emailing Kesselman at