$1,600,000 Multifamily Loan from Life Insurance Company
Grady Seldin and Thomas Rudinsky of PSRS arranged the $1.6 million refinance of two multifamily properties in Chattanooga, Tennessee. The collateral consists of two garden-style multifamily properties with a combined 28 units. Operated and owned by the borrower, these properties were acquired in 2020/2021 and all units have been renovated with the borrower looking to lock in fixed-rate perm debt. The first property has 16 one-bed, one-bath units located in the Hixson suburb of Chattanooga. The second property is a two-story property with 12 one-bedroom apartments. Financed with one of our correspondent life insurance companies, PSRS provided its borrower with a cross-collateralized, 5-year fixed loan with a below-market interest rate.