Empower Investments Provides $34,000,000 Refinance Loan For MultiFamily Asset In Chesapeake, VA

The asset involved in this transaction is a MultiFamily property located in Chesapeake, VA. The relevant financial component of this transaction includes a loan amount of $34,000,000 for refinancing, which is secured under specific loan terms including a 5-year term, 120 spread, a rate locked at application, and a stepdown prepayment schedule. This financing option is structured as non-recourse, providing certain protections to the borrower.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $34,000,000
• Lender: Empower Investments
• Broker: Mark Vinitsky - Lument
• Loan Type: Refinance
• Loan Terms: 5 year term, 120 spread, rate locked at application, stepdown prepayment schedule, non-recourse

Mark Vinitsky, representing Lument, played a significant role in facilitating this transaction, supporting the borrower through the refinancing process with Empower Investments. The transaction highlights a collaboration between the brokerage firm and the lender, ensuring the terms of the loan were effectively negotiated and aligned with the borrower's objectives.