Kendall arranged a commitment on eight apartment buildings and the first phase closed.
The loans were for apartments and mixed use buildings. One of the buildings contains the office of a US Congressman. The borrower requested a five year fixed rate loan and low prepayments.
Kendall was able to arrange five year fixed rate loans at 5.25% with one property at 0% prepayment and the rest with a half of one percent prepayment.
Unlike the loan we placed on the Glenlake Apartment Chicago MB Bank which had a yield maintenance prepayment penalty and was only three years long. Although MB was the only bank in town that would lend to that borrower due to his financial condition.