Felspar Apartments

$1,965,000 Multifamily Loan from Bank

City: San Diego, CA
Loan amount: $1,965,000
Lender type: Bank
Property type: Multifamily
Size: 8 Units

Transaction description

Jen Mustard of PSRS arranged the $1,965,000 cash-out refinance of a multifamily property in San Diego, California. The subject property is an apartment property containing eight units and eight garage spaces making up a total of 6,424 square feet. The apartments are a mix of two-bedroom one-bath and three-bedroom two-bath units. Financed with bank execution, PSRS provided its borrower with a five-year fixed rate term with two years of interest only, step-down prepay over the first three years, and then 1% for two years. This allowed the borrower cash flow and time to hold the property and see where the rates end up over the next five years.

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