The Madison Group (TMG), a commercial broker and loan consultant company, has facilitated the financing for the $3,500,000 refinance of a student housing project. The finalized terms were 4.41% on a 30 year amortization and 10 year fixed term. The loan proceeds allowed for the payoff of the current loan, cash out to the borrower for return of capital that had been infused into the property over time, and potential equity for other investments.
This student housing project consists of 16 units and the total of 53 bedrooms. The property was finished two years ago and has now achieved 100% occupancy.
“There was a necessity to hit a specific loan amount, as the borrower was eager to pay off all debt associated with the transaction and return some cash infusion for other projects”, said Jeff Meierhofer of The Madison Group, who originated the financing. “All parties worked together for a quick closing to provide a loan that satisfied the borrower’s needs”.
A happy borrower commented “Madison Group was able to provide the structure allowed for the amount of cash out I desired. I previously worked with other lenders but was $250,000 less in proceeds which didn’t make the deal work for me. I’m glad we stuck with it so we could accomplish this before the end of the year.”
The financing was arranged by Jeff Meierhofer at The Madison Group.
The Madison 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, 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.
The Madison Group and Jeff can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.