$11,000,000 – 15-Year Fixed Rate, Non-Recourse, Cash-Out Multifamily Refinance, Fort Lauderdale, FL

/in

$11,000,000

Cash-Out Permanent Loan

Non-Recourse

4.17% fixed rate

15-Year Term

30-year amortization

Early Rate Locked as Rates starting Increasing

FNMA Execution

DETAILS:

This loan was for a repeat client, and in fact, the principals of Banyan Commercial Capital had financed this property for this sponsor nearly 10-years prior. The objective was to lock in a maximum term fixed rate (longer than the normal 10-year term) with the ability to early rate lock if rates began to move. This is a well maintained 124 unit multifamily property that has experienced tremendous rent and collection growth during the covid pandemic. Very clean and well maintained property now set with a long term fixed rate loan and cash out for other investments. 

Dan Bockstoce – db@banyancc.com

Michael Brown – mb@banyancc.com