New York, NY (PRWEB) August 06, 2013
The Real Estate Finance Group, Inc. (TREFG) is pleased to announce arranging a $ 2,425,000 non-recourse, 30 year multi-family loan with substantial cash-out for a repeat client of Adam Petriella, Managing Partner at TREFG.
The multi-family asset, built in the late 1980s is comprised of all two-bed units with an average size of almost 1400sf per unit.
The 7 year fixed rate loan at full leverage is priced at 4% with a declining pre-pay. Because of TREFGs relationship with the lender, they agreed to hold the rate in a rising rate environment.
Challenges included a complex Trust arrangement, weakness in recent operating history and a very competitive rental sub-market in Sherman Oaks CA.
“TREFG analyzed the market including performing a rental survey, verifying sales comps and re-creating long term historicals providing bank the comfort needed to approve the loan and cash-out,” said Mr. Novo, partner at The Real Estate Finance Group.
Through its network of national and regional lenders and investors, The Real Estate Finance Group, Inc. (TREFG) provides debt and equity for Commercial Properties from $ 1MM to $ 30MM including multi-family, retail, office, industrial, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self-storage facilities.
TREFG (http://www.TREFG.com) has offices in West Los Angeles, New York, San Diego and Kansas.
Adam J. Petriella
Source: The Real Estate Finance Group, Inc