Will Murphy's CEDARst Companies Secures $31M Refinance Loan From Fannie Mae For Multifamily Property

The property involved in this transaction is The Sally, a multifamily asset located at 1131 & 1135 West Winona Street in Chicago, comprising 180 units. The current financing arrangement involves a loan amount of $31,005,000 with a five-year fixed-rate loan from Fannie Mae, designed to refinance the property and adapt to its current financial standing as it demonstrates a 97% occupancy rate and a 5% growth in rent.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $31,005,000
• Lender: Fannie Mae
• Landlord: Will Murphy - CEDARst Companies
• Broker: Michael Slovitt - Berkadia
• Loan Type: Refinance
• Loan Terms: five-year, 5.36% fixed-rate loan includes a three-year interest-only period, followed by a 35-year amortization schedule for the remaining two years of the term

This transaction was orchestrated by Michael Slovitt, acting on behalf of Berkadia, highlighting the collaborative effort of industry professionals in securing the refinancing. Will Murphy represents CEDARst Companies, which has transitioned from an original construction loan to stabilized financing reflecting the successful management of the property.