The mortgage lender, which provides financing for a wide variety of commercial and multifamily properties, provided a Fannie Mae DUS loan at a rate of 7.97% over 10 years with a 30-year amortization. The loan-to-value ratio was 77.44%; loan-to-cost was 80%; and debt service coverage was 1.25.
The apartments were 96.64% occupied at closing. Built in 1986, the facility includes a swimming pool, spa, clubhouse and tennis courts.
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