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Apartment Loan

Successful Loan Closing: $9MM nonrecourse refinance for Apartment in Utah

Tags: Multifamily Financing, Nonrecourse loan, Apartment Loan
Sunday, Apr 28, 2019
by Jeff Meierhofer
Summary:  The Madison Group (TMG), a leading source of multifamily financing nationwide, arranged the $9,919,200  cash out refinance for an apartment complex in Utah. The borrower’s goal was met by providing a cash out loan with a long term fixed rate. 

TMG sourced the 35 year fixed loan. Special attention was paid to overcoming 3rd party challenges. Additional testing was necessary and the borrowers patience was needed during the government shutdown which caused additional delays. The TMG team, lender, and borrower executed weekly calls and were able to close by the borrowers deadline. The borrower was able to recapitalize and receive cash out for additional projects. As the loan has a fixed rate for 35 year and is assumable, the borrowers have created a long term investment vehicle with excellent cash flow.

Location: Utah 
Property: Apartment Refinance 
Loan Amount: $9,919,200
Interest Rate: 4.30% 
Term: 35-Year 
Amortization: 35-Year