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The Madison Group arranged a $5,175,000 cash out refinance for a multifamily property in Oklahoma.

Tags: Multifamily, Multifamily Financing, Multifamily Loans, Multifamily Refinance, Commercial Loans, CRE Financing, Commercial Real Estate Loans, no prepayment penalty, Cash Out, Cash Out Refi, Cash Out Refinance,
Tuesday, Jun 28, 2022
by Robert Chase

The Madison Group (TMG), a leading national source for multifamily term loans, arranged the $5,175,000 cash out refinance of a 120-unit apartment building in Oklahoma. 

The client came to TMG on a separate multifamily purchase and was already in process of an agency refinance to partially fund the new purchase.  Market rates moved during the agency process and put this transaction in jeopardy.   TMG stepped in and arranged for a balance sheet lender to provide this financing while providing a 60 day rate lock early in the loan process.   Additionally, TMG worked with the new lender to utilize the existing due diligence and close this transaction in 35 days to ensure the borrower could continue to grow their portfolio.

Location: Oklahoma  

Property: 120-unit apartment building 

Loan Amount: $5,175,000

Interest Rate: 5.25%

Term: 10 years; 7 year re-price 

Amortization: 30 years 

Prepayment: None 

LTV: 75%

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