DALLAS, TX - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $2,440,000 loan for the refinance of the Wycliff Court Apartments located in Dallas Texas.
The complex is a 21 unit two-story, low rise/garden apartment located on a 0.328 acre site, located at 4217 Wycliff Avenue, Dallas. The building was built in 1940 and is in good condition. The property consists of one studio, sixteen 1-bedroom apartments, and four 2-bedroom units. The average unit size is 705 square feet.
The refinance allowed the borrower to pay off a higher rate maturing loan and obtain cash out for new investment purposes. 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 for the borrowing entity. Stephen A. Sobin, president and founder of Select Commercial, negotiated the loan on behalf of the borrower.