238-Unit Class A Multi-Family Apartments
Location: Grand Rapids, MI
Loan Amount: $44,500,000
Real Estate: 238-Unit Class A Multi-Family Apartments
Term: 15 Years Firm
Amortization: 8 Years Interest Only – Then 30-Year Amortization
Locked Into 15-Year Fixed Rate During Temporary Dip In Treasuries
1031 Up-Leg and Reverse Exchange. Ridges of Cascade was one of the last few deals to receive Green Pricing through Fannie Mae as a newly constructed property.
The deal closed just inside of 45 days in order to meet the tight timeline imposed by the seller. The rate was locked early utilizing the Fannie Mae’s SERL rate lock program allowing the sponsor to lock into a 15-year fixed rate during a temporary dip in treasuries.