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.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
