Scott Monasch, Principal at Barry Slatt Mortgage, recently closed a $13,000,000 loan on a 232-unit suburban apartment property in Austin, Texas. The loan was based on a 15-year fixed interest rate term, with a 30-year amortization schedule. While a number of lenders expressed interest in placing the refinance, two banks and two life insurance companies made the final round of competition for the loan.
Mr. Monasch ultimately placed the loan with CorAmerica Capital, a Barry Slatt Mortgage correspondent lender. CorAmerica won the loan by providing a very low interest rate and by tailoring the loan with a number of borrower-friendly characteristics negotiated by Mr. Monasch. Barry Slatt Mortgage will be servicing the loan as part of their $3.7BB servicing portfolio.