CRYSTAL LAKE, IL - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $4,620,000 loan for the refinance of the Buckingham Court apartment complex located in Crystal Lake, Illinois (McHenry County).
The complex is a 69-unit apartment located on a 4.32-acre site, located at 421-461 and 460-470 Buckingham Drive and 804-810 Eletson Drive in Crystal Lake (Chicago suburb). The property consists of 4 two and three-story walk-up buildings. The apartments were built between 1986 and 1989 and are in good condition. Occupancy rate at closing was 99%.
Average unit size is 850 square feet and the average monthly rent is $964. The unit mix includes 19 one bedroom units, 38 two bedroom units and 12 three bedroom units. Common area amenities include an on-site leasing office, laundry rooms, and storage lockers. There is surface parking for 103 vehicles. The property appraised for $6,800,000 and the loan-to-value ratio was 68%.
The refinance allowed the borrower to pay off a higher rate loan and obtain significant cash out for other business purposes. The borrower received a 10 year fixed rate loan and a 30 year amortization. The loan was made under our portfolio small balance loan program. Through this program, Select Commercial was able to offer the borrower a non-recourse loan, significant cash out, a lower rate, and a longer term.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings under our portfolio small balance loan program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.