Loan Amount: $1,230,000
Property Type: Apartment Complex
Loan Type: Mini perm followed by floating rate option
Loan Term: 30-years
Lakeview II Apartments
This was an acquisition financing of an apartment complex that was formerly foreclosed on by HUD. With the purchase came land use restrictions that had to be addressed. Due to these restrictions many lenders declined the loan. Caffrey & Company LLC worked with the lender to secure a 30-year loan with an initial fixed rate for the first 3-years moving to an adjustable rate thereafter, subject to adjustment of 250 basis points over the 6-month LIBOR. This loan came with recourse provisions.