COVINGTON, GA - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,625,000 loan for the refinance of the Willow Creek Apartments located in Covington, Georgia. The property is located in the Atlanta-Sandy Springs-Roswell metropolitan statistical area.
The complex is a 36 unit multifamily property consisting of 10 buildings. The buildings are two-stories each and located on a 2.55 acre site, located at 5160 Dorothy Lane, Covington GA. The buildings were built in 1970 and are in satisfactory condition. The current occupancy rate is over 97%. The average unit size is 653 square feet and the average monthly rental is $715/unit. There is parking for 80 cars.
The refinance allowed the borrower to pay off a higher rate maturing loan and obtain cash out for the purchase of an additional multifamily property. The borrower received 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 utilizing this lending program. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.