METAIRIE, LA - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $2,400,000 loan for the refinance of the Ridgelake apartment complex located in Metairie Louisiana (a suburb of New Orleans).
The complex is a 32 unit low rise/garden apartment located on a 0.82 acre site, located at 3821-3825 Ridgelake Drive in Metairie. The buildings were built in 1973 and are in average condition. Following their 2016 purchase, current ownership has updated units as tenants vacated. Approximately 70% of the units have been updated so far. It is estimated that the property has a remaining economic life of 30 years. At closing, the property was 100% occupied.
The refinance allowed the borrower to pay off a higher rate maturing loan and obtain cash out for new investment purposes. The borrower received an 80% LTV loan, a 10 year fixed rate and a 30 year amortization using Freddie Mac’s 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 Freddie Mac loan program is designed for small multifamily loans in the $1,000,000 to $7,500,000 range.
The borrower chose Select Commercial for their loan based on Select’s knowledge of the local market and many successful past closings for the borrowing entity. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.