The subject property is a 154 unit apartment community located in Van Nuys, CA. Barry Slatt Mortgage was provided with the assignment to refinance the existing Fannie Mae loan which was scheduled to mature in late 2012. We were able to successfully place the refinance request through one of our correspondent agency providers, who was able to win the business because of their low transaction costs to board the loan.
 
While the subject loan request was very conservative (Fannie Mae Tier 4), the challenge of the loan was to quickly get to a point where the borrowers were in a position to early rate lock due to the market volatility. This ultimately was accomplished, and we were able to bring the transaction to a successful close. The borrowers received a new $4,200,000 loan with Interest Only for the 10 year term.
 
For additional information regarding this transaction please contact the originating bankers: Barry Weinstock & Dean Weinstock