Golden Bridge Provides $10.5 Million Cash-Out Refinance For 272-Unit Memphis Multifamily Property

The asset involved in this transaction is a 272-unit multifamily property located at 1747 Morlye Street in Memphis, TN. The total loan amount for this cash-out refinance is $10,500,000. The property was reported to be 30% vacant at the time of closing, indicating a need for stabilization funds included in the loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,500,000
• Units: 272
• Address: 1747 Morlye Street
• Market: Memphis, TN
• Lender: Golden Bridge - Haim Dadi & Eretz Britt
• Broker: Dovi Levy, Brian Flax & Jason Bogopulsky - Meridian Capital Group
• Loan Type: Cash-Out Refinance

The deal was represented by Haim Dadi and Eretz Britt from Golden Bridge. The complexity of the transaction was highlighted in a note from the broker, which stated that the refinancing secured a lower rate than what the clients previously had, alongside the necessary funds to stabilize the asset and enable a cash-out for the owners.