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TMG closes a $3MM Townhome refinance in Utah

Tags: multifamily financing, Townhome loans, Construction to Perm loans
Thursday, Mar 11, 2021
by Jared Shupe

Summary:  The Madison Group (TMG), a leading national lending source for multifamily finance, arranged the $3,000,000 refinance for a 20-unit multifamily townhome project in Utah. 

The borrower had initially financed the phased project with hard money and needed a creative structure to refinance the expensive money while accomplishing his goals for long term financing of the project.  TMG sourced a lender that was able to structure permanent financing on a one-time close despite five units needing completion.  The lender closed the deal, locked in the long-term rate, and allowed multiple draws; one to take out the debt on the stabilized units and a final one when the remaining units are completed and fully leased.  This structure allowed the client to fully fund the project at an excellent fixed rate despite the project needing final completion.   

Location:  Utah

Property:    Townhomes

Loan Amount: $3,000,000

Interest Rate:  3.75%

Term:   5 Years; 6 months I/O

Amortization:   30 Years

Prepayment:   None

LTV:   ~60%

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