$8,075,000 LOAN FOR A MULTIFAMILY PROPERTY IN SAN LEANDRO, CA
Continental Partners successfully arranged an $8,075,000 5-year fixed loan to refinance Metro 348 Apartments in San Leandro, CA.
Transaction Description
Summary: Continental Partners successfully arranged an $8,075,000 5-year fixed loan to refinance Metro 348 Apartments in San Leandro, CA. The Sponsor requested a fixed-rate, non-recourse, interest-only loan to refinance an existing bridge loan and provide cash out to investors. Metro 348 Apartments is a 38-unit apartment complex located just a few blocks away from the San Leandro Bay Area Rapid Transit (BART) station.
Opportunity: Continental Partners approached a number of Lenders with this request including banks, agency lenders, and credit unions. The asset was purchased significantly under-market and the Borrower was able to add a tremendous value with a very low cost basis in the deal. The Borrower specifically needed a lender with a high loan to cost threshold, as most lenders were uncomfortable refinancing a property with a loan amount north of 90% of cost if owned less than 24 months.
Result: Continental Partners was able to source a Lender who was able to provide 95% loan to cost on the deal, providing maximum cash out to the borrower. The lender provided a low-interest rate of 4.035%, soft prepay and waive recourse. The closing was an extremely smooth process with a total time of 39 days.