Slatt Capital’s Richard Davidson recently funded an $18,844,000 first trust deed refinance loan on a 134-unit garden-style apartment community in the Seattle metropolitan area. The borrower was looking to take advantage of current low rates as well as provide additional cash out. The 10-year fixed-rate loan was set at a 2.78% interest rate with 7 years interest only. The resulting loan payment is below the previous monthly payment on the property even after providing additional funds to cover the cost of defeasance.
The loan was placed with one of Slatt Capital’s long-standing correspondent agency lenders. The lender was chosen because of past relationships, the low rate and the ability to provide interest only execution, along with certainty of execution and its ability to move quickly to close the transaction by year-end.
Because of the defeasance involved, the closing involved a wide variety of attorneys, consultants, and title company representatives. Everyone did a great job of negotiating the loan along with facilitating a timely closing.