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Apartment Financing

Recent Closed Loan: $1.6MM cash out nonrecourse refinance of a 22-unit apartment complex in Utah

Tags: Apartment loans, Multifamily Financing, Utah Commercial Loans
Tuesday, May 05, 2020
by Angela Kesselman

The Madison Group (TMG), a leading national lending source of multifamily financing nationwide, arranged the $1,600,000 cash out refinance of a 22-unit apartment complex in downtown Salt Lake City.

The borrowers were seeking a loan to refinance the property at today’s low rates while getting cash out and putting a non-recourse loan in place.

While many institutions are not currently lending, TMG's extensive lender relationships allowed the us to lock in a rate of 3.12% fixed for 10 years on the property giving the clients cash out.   

Location:  Utah
Property:  22-unit apartment complex
Loan Amount: $ 1,600,000
Interest Rate:  3.12%
Term:   10 Years
Amortization:   30 Years
Prepayment:  Yield Maintenance

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