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Kendall arranges $2,100,000 first mortgage on Glenlake Apartments.

Kendall arranges $2,100,000 first mortgage on Glenlake Apartments.

The borrower was given 12 months to receive a discounted pay-off from the original condominium construction lender.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

Eight Apartment Loans Committed 1st Four Closed

Kendall Realty Advisors close four apartment loans using bank financing.

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.

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Kendall arranges $2,100,000 first mortgage on Glenlake Apartments. The property was original rehabbed at a cost of close to $5,000,000 but the condo lender Private Bank discounted the loan by $1,000,000 and released another $500,000 from the property loan.

The borrower was given 12 months to receive a discounted pay-off by the originalcondominium construction lender. Several banks declined the loan but Kendall was able find a lender for the borrower even if he had very high leverage.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

Apartment Loans

The loan is fixed for 3 years at 5%.