$1,500,000 Apartment Building Loan Closing!
Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,500,000 loan for the refinance of the Maple Grove Apartments located in Dublin, Pennsylvania. The property consists of 2 buildings located at 151 Maple Avenue, Dublin PA (Bucks County). The apartment property is a 32 unit two story/garden apartment located on a 3.38 acre site, consisting of apartment units averaging 950 square feet each. The buildings were built in 1974 and are in average condition. The property is located in an R1, Mixed Use Residential District, and current occupancy is 100%. The refinance allowed the borrower to pay off a former partner and obtain cash out for property improvements. The borrower received a 10 year fixed rate and a 30 year amortization using Freddie Mac’s small balance loan program. Select Commercial was able to offer the borrower non-recourse financing with significant cash out. The Freddie Mac loan program is designed for small multifamily loans in the $1,000,000 to $7,500,000 range.