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
Amount: $ 3,100,000
Term: 10 Years
Amortization: 30 Years
Prepayment: Yield Maintenance