$2,250,000 Felicity & Hamony Apartments, New Orleans, LA

Cash out refi on 59 units built in 1880!

Two non-adjacent properties in downtown New Orleans.

$2,250,000, refi

4.26% fixed

5 year fixed rate loan, 20 year total term

30 year amortization

3,2,1,1,1 prepayment penalty, followed by 15 years open

Non-Recourse

RATE LOCKED AT APPLICATION

 

Rate resets after 5 years based on a spread over the 6 month LIBOR, and adjusts every 6 months, with no prepayment penalty

This was the refi an FHA bond financed loan. It required the defeasance of the bonds, and working through the FHA/HUD payoff procedure. Bonds have a 10 day window two times per year in which they can be paid off. If this window were to have been missed, the refi would have been delayed 6 months.

 

Closed by Michael Brown

mb@banyancc.com