City: Austin
State: Texas
Lender type: Correspondent Agency
Property type: Multi-Family
Transaction type: Refinance
Loan amount: $7,659,000

Barry Slatt Mortgage Vice President Sam Levy and Analyst Tom Hennessy just closed $7,659,000 of permanent financing on a portfolio of 138 multi-family units in Austin, TX. The owner of these properties was looking to increase leverage to 75% LTV in order to acquire additional properties for his portfolio, while at the same time converting existing recourse debt into non-recourse.

The Barry Slatt Mortgage team was able to accomplish the owner’s financing goals with one of their correspondent agency lenders, and were even able to provide 2 years of interest-only on top of the already low interest rate. Barry Slatt Mortgage will be servicing the loan as part of their $4.1 billion servicing portfolio.