Over $275 million in MHC’s, RVP’s, and Self-Storage Financed in 2016!

Recent Closing Announcements
Aggressive Cash-Out, 12-Month Rate-locks, and More!

closing-announcement-3Fannie Mae Loan, 55+ MHC
Aggressive Cash-out

150 Space MHC – Orlando MSA, FL

$5,800,000 Loan Amount, 75% LTV
10 Year Fixed-Rate Term
30 Year AM
3 Years of Interest-Only

The subject property of this refinance was a clean, 100% occupied MHC located just north of Orlando. After being acquired just a few years ago for roughly $5.5m, we were able to capture the value added to the property via rent increases, expense inefficiencies, and market cap-rate compression in order to fully cash-out the owner with max 75% proceeds and 3 years of interest-only.

closing-announcement-4Fannie Mae Loan, All-Age MHC
Another Loan in Alaska!

100 Space MHC – Juneau, Alaska

$3,400,000 Loan Amount, 75% LTV/LTC
10 Year Fixed-Rate Term
30 Year AM

This was an acquisition loan for a client who had previously refinanced his communities through our team at Yale Capital Advisors. We were able to draw aggressive competition between both Fannie Mae and Freddie Mac for this opportunity, again showing that the agencies have evolved from cherry-picking their deals to providing financing to communities of various qualities throughout the country.

closing-announcement-5Balance Sheet Loan, Self-Storage
Rate-locked 12 Months in Advance!

1,088 Units – San Antonio, TX

$4,950,000 Loan Amount
10 Year Fixed-Rate Term, Sub-4% Rate
25 Year AM, Non-Recourse
Total of $8.5k in 3rd Party & Legal Costs
No Escrow for Replacement Reserves
No Special Covenants
12-Month Forward Rate-Lock at Application

The subject property had a loan maturing in October 2016, but the borrower did not want to wait until this fall to find out what his rate would be. As such, we arranged a 12-month forward rate-lock with a lender back in October 2015! Six months after the initial rate-lock, the borrower decided he needed another $1m in cash-out proceeds, so we submitted a request to the lender. After a week of review, the lender granted the additional request. Just weeks before closing, the borrower requested an additional $500k and it was granted by the bank as well! The bank’s loan documents do not include any special covenants or technical defaults and simply require timely payment of the loan.

closing-announcement-6Small CMBS Loan on Retail/Office
Full Cash-out Refinance

Knoxville, TN

$2,100,000 Loan Amount
10 Year Fixed-Rate Term
30 Year AM
Full Cash-Out Refinance

After acquiring a note for a master-planned development, the borrower completed the build-out and lease-up of a 10,000 sq ft retail/office building in one of the better suburbs of Knoxville, TN. Although he had already been fully cashed out of the project from selling various parcels, we were able to demonstrate to the lender that there was sufficient sweat equity and value-creation in the deal in order to get a 70% LTV cash-out.

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