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Multifamily Financing

The Madison Group Arranges $3.1MM loan for a multifamily purchase in Oregon

Tags: multifamily financing, apartment loans, nonrecourse loan, Oregon commercial loans
Monday, Jun 08, 2020
by Angela Kesselman

The Madison Group (TMG), a leading source of apartment financing nationwide, arranged the $4,750,000 purchase of a 32 unit apartment complex in Oregon.  The borrower sold another property and had to satisfy a 1031 during the Covid-19 pandemic. TMG worked closely with the borrower and the lender during this unprecedented time to secure the financing with a non-recourse 10 year fixed rate of 3.59% and a 30 year amortization.   

Due to the pandemic, we were not able to have the appraisers or engineers physically inspect the individual units.  They were able to inspect the exterior and crawl spaces and complete the required reports. TMG coordinated closely with the lender and borrower to close this loan through FNMA in 42 days start to finish. 

We were very pleased to be able to work through all of the current obstacles of the pandemic and still put together a quick well priced transaction for this buyer.” said Angela Kesselman - Associate Director of Finance.

Property:  32-unit apartment complex
Loan Amount: $ 3,100,000
Interest Rate:  3.59%
Term:   10 Years
Amortization:   30 Years
Prepayment:  Yield Maintenance

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