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pat jackson Pat Jackson

Multifamily borrowers are finding alternatives to the agencies. Irvine, California-based lender Sabal Capital Partners recently closed on the $70 million refinance of a 17- property multifamily portfolio in the Bronx borough of New York through its S-CRE program. The portfolio includes five loans secured by a total of 477 rental units. The borrower refinanced out of a Freddie Mac loan, and the deal is an example of growing interest in alternative loan options.

“We had financed the property through the Freddie Mac program earlier, so we new the real estate and we new the operator,” Pat Jackson, founder and chief executive of Sabal, tells GlobeSt.com. “It so happens that they needed to finance the property because it was rolling into a maturity term, and the agencies went through a period of time this summer where they were not very competitive. We had a non-agency solution that was terrific, and it gave them some benefits that they would not have been able to get through the agency program.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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