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$6,000,000 Apartment Loan Closing

Apartment Loan

Crossroads of Enfield

Select Commercial Funding is pleased to announce the closing of a $6,000,000 loan

NYC, NEW YORK, UNITED STATES, November 24, 2020 / -- Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $6,000,000 loan, for the refinance of a 90 unit garden two story, apartment complex known as Crossroads of Enfield, located in Enfield Connecticut. The apartment complex is comprised of eleven 2-story buildings on an 18.24-acre site with parking for 212 cars, a clubhouse, and a playground. The subject’s unit mix consists of 16 one-bedroom units, 6 two-bedroom flat units, 60 two-bedroom townhouse units, and 8 three-bedroom townhouse units. The property was constructed in 1984 and 98% occupied at the present time. “Select Commercial has extensive experience financing apartment properties, and we are very pleased to offer our customer a very low fixed-rate loan”, commented Stephen A. Sobin, President, and Founder of Select Commercial.

The borrower received a 10 year fixed rate loan term and a 30-year amortization. The loan was non-recourse and originated through the Freddie Mac SBL program. “The borrower liked the fact that we were able to offer a low fixed rate for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we liked the sponsor and the property”.

The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.

About Select Commercial Funding LLC

Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide, with a minimum loan size of $1,000,000.

About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis. His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets. The company was founded on the belief that many small to medium-sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $1,000,000 to $10,000,000 range. While large real estate companies often have in-house finance professionals, most small to medium-sized borrowers do not have the same access to professional advice and sources of funds. Mr. Sobin focuses on providing those services to this segment of the market.

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Stephen Sobin
Select Commercial Funding
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