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SOMERSET, NJ-American Property Financing, based in New York City, has closed a $17.4-million Fannie Mae MBS DUS mortgage for the refinancing of Somerset Estates, a 398-unit affordable multifamily property. APF provided the borrower, who was unnamed, with a 7.81% fixed rate note for 10 years with a 30-year amortization schedule.

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.

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