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