Underwriting on the cash-out refinance, which was originated by APF vice president Thomas Schissler, was based on 1.25 debt service coverage and 80% LTV. Pricing was based on the Fannie Mae DUS Tier2++ pricing structure.
Somerset Estate, originally built in 1955, consists of 57 two-story buildings on 25 acres. The unit mix includes two- and three-bedroom units ranging from 837 to 884 sf. The owner has spent about $673,000 on capital improvements over the last three years, and the property is at 98% occupancy.
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