Updated Dec 4, 2024
LMF Commercial Refinances Multifamily Property For $4.6M In Bellingham, WA
2500 Samish Way
$4,600,000
Units
64
Asset Type
MultiFamily
Closing
Jun 9, 2022
About this deal
AI
An undisclosed multifamily property located at 2500 Samish Way in Bellingham, WA has recently closed on a refinance loan. The property consists of 64 units and was refinanced for a loan amount of $4,600,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,600,000
The lender for this transaction was LMF Commercial, a subsidiary of Lennar Co., represented by Nihad Choudhury. The landlord, Bastian Rose, sought the assistance of broker Michael Charnam from MCS Commercial Capital.
The loan secured is a 10-year fixed-rate commercial mortgage-backed securities (CMBS) loan, featuring a 30-year amortization schedule. Additionally, the loan allowed for a full cash-out option.
Players
Bellingham MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.45%
Cash-on-Cash
-0.99%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93