Apartment Loan for a Purchase located in Georgia

Location: Albany, Georgia
Amount: $5,700,000
Property Type: Apartments
Loan Type: Non-recourse
Loan Term: 10-year term

Caffrey & Company, LLC has closed a $5.7 million acquisition loan for the Westwood Apartments in Albany, Georgia that others could not. This 194 unit apartment complex is situated on 10.7 acres and was constructed in three phases between 1970 thru 1978. This non-recourse loan was structured on a ten year term, with the first two years interest only to allow the new owners the ability to build cash reserves. After the first two years the loan is amortized over 30-years. The final loan amount was 83% of the purchase price with $200,000 available for capital repairs as determined solely by the Buyers. This Buyer ran into problems with another lender and was not able to close due to inadequate loan underwriting. Caffrey & Company LLC took the time and applied their expertise to re-underwrite the loan to allow for a successful loan closing. According to the Buyer this loan would not have closed without our expert assistance and superior knowledge of loan underwriting.