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%