According to Ranieri, the financing breaks down as $5.6 million for the 108-unit Gilbert Manor, $7.4 million for the 160-unit North Village I and $12 million for the 248-unit North Village II. The package was based on a seven-year term with a 30-year amortization for the borrowers, Gilbert Manor LLC, North Village I LLC and North Village II LLC. It was arranged through Freddie Mac's Capped ARM-Streamlined Refinance Program.
"The applicant refinanced three existing Freddie Mac mortgages on each property into a new floating-rate first mortgage," Ranieri explains. "We required only appraisals, and Freddie waived a portion of the existing loan prepayment penalties. The loans closed within 45 days of application because of the streamlined requirements."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.