Fannie Mae Refinances 424-unit Multifamily Portfolio Across 6 Locations For $13.3M

The manufacturing housing portfolio consisting of 424 units across 6 locations has been refinanced in a recent transaction. The properties are located at 5100 Kay Drive, 345 Jackson Street, 2946 Highway 30 East, 1207 Brighton Court, 202 E Railroad Street, and 1469 Ferry Lake Road. These properties are situated in Edwardsville, IL, Berne, IN, Denison, IA, Mountain Home, AR, Hudson, IN, and Tifton, GA respectively. The total loan amount for this refinancing deal is $13,258,000, provided by Fannie Mae.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,258,000
• Units: 424
• Market: Edwardsville IL, Berne IN, Denison IA, Mountain Home AR, Hudson IN, Tifton GA

The loan terms for this refinancing include a 10-year fixed-rate loan at a 70% loan-to-value (LTV) ratio. Additionally, there will be 5 years of interest-only payments before the scheduled amortization of the loan begins. Andrew Keel, as the landlord, represented by the Keel Team, successfully completed the refinancing deal. The transaction was facilitated by Scott Modelski from Black Bear Capital Partners.