Waterman Capital Provides $4.4M Refinance Loan For Lubbock Multifamily

A $4,400,000 loan was secured for the refinancing of a 119-unit multifamily property located at 4501 Brownfield Drive in Lubbock, TX. The loan was provided by Waterman Capital. The terms of the loan include a 5-year fixed rate with 6.4% interest and an interest-only repayment period for the full term of the loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,400,000
• Lender: Waterman Capital
• Brokers: Russell Nova & Igor Zakh - Cornerstone Capital Financing
• Loan Type: Refinance
• Loan Terms: 5 Year Fixed, 6.4% Interest Only, Full Term I/O

Cornerstone Capital Financing, represented by Russell Nova and Igor Zakh, facilitated the financing for this multifamily property. Igor Zakh, the Operating Officer at Cornerstone Capital, worked closely with the property's ownership to ensure a smooth transition from a high-interest bridge loan of approximately 12%. The refinancing placed the asset in a stable position, allowing the management to concentrate on lease-up and increase valuations. For any inquiries or requests, please contact Cornerstone Capital of New York.

Contact details:

• Igor Zakh, Operating Officer
• Email: [email protected]
• Cell: 917-567-1946
• Website: www.CSG-NY.com

• Russell Nova, Principal
• Email: [email protected]
• Cell: 917-559-1820
• Website: www.CSG-NY.com