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The Madison Group arranged the $6,6M nonrecourse loan for a 66 unit multifamily in Utah

Tags: multifamily financing, apartment loans, non recourse loans, Utah commercial loans
Tuesday, Sep 17, 2019
by Jeff Meierhofer

The Madison Group (TMG), a leading national lending source of Multifamily nationwide, arranged the $6,600,000 refinance for a 66 unit multifamily in Utah. The borrower’s goals were to get a nonrecourse loan and a fixed term of 10 years. The property is the second phase of a 3-phase project that has been wildly successful in this growing market.

TMG worked with the lender to fund the long-term loan within 60 days of the property becoming 90% occupied. This allowed the investor group to take advantage of the low rates available in the market. The nonrecourse loan provided the structure the borrowers needed. Phase 3 is ready to start construction before year end.

Summary:  

Location:  Utah
Property:  Apartment Complex
Loan Amount: $6,600,000
Interest Rate:  4.4%
Term:  10 Years
Amortization:   30 Years
Prepayment:  Yield maintenance
LTV:   65%