The first refinance loan, for $4.82 million, was for the 92-unit complex known as Gardenview Apartments at 13495 Bancroft Ave. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.95%. The second refinance loan, which is still in the works, is for Ambassador Apartments, a 42 unit complex located at 145 El Camino Real in San Mateo. The Ambassador Apartment loan is said to be worth more than $3.5 million.
"They refinanced so they could pull cash from the apartments and pay off the two office buildings," says Vincent Cardamon, the senior loan officer with Uniondale, NY-based Arbor Commercial that originated the loan. "What they are doing in essence is restructuring their portfolio in an effort to take advantage of the low fixed market rate. The company also has two commercial buildings and they had adjustable rates on all four properties and so by pulling out cash and refinancing they saved close to 2% on the apartment loans and we able to pay off the office buildings to enhance their portfolio's overall available cash flow."
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