$3,700,000 Apartment Complex in Daytona Beach, Florida
We recently closed on this 148 unit apartment complex with Fannie Mae as the lender. The client had a loan coming due and needed to refinance and pull some additional cash to payoff another loan. The occupancy was only 85% and during the lender’s due diligence process, Fannie Mae made Florida a pre-screen state so that the maximum loan to value was 65%. The client wanted flexibility at the loan expiration so we did a 10 year loan where the rate is fixed for 9 years and the 10 year the rate floats but it is prepayable with no penalty.
