Marlene Village

$4,310,000 Refinance of a 32-unit Multifamily property in Ukiah, CA

City: Ukiah, CA

Loan amount: $4,310,000

Lender type: Bank

Property type: Multifamily

Size: 32 Units

Transaction description

Grady Seldin, CPA of PSRS arranged the $4.31MM refinance of a 32-unit multifamily property in Ukiah, California. The subject property is a 32-unit community situated on a level residential site in central Ukiah, a growing market in Mendocino County – beautiful wine country.

While the property is in excellent condition with a waitlist of tenants, the location and smaller market were the biggest hurdles to overcome. Through extensive market research upfront and in-depth borrower involvement on the project details, PSRS secured a 7-year fixed rate in the mid-3’s, 30-year amortization, and flexible prepay. The lender was a bank that PSRS has a strong track record with.