Chicago, IL FHA 221(d)(4) Lender - Apartment Lender

Tuesday, August 16, 2011

apartment Loan Closings

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.

In coming weeks I will be presenting Chicago FHA a workforce housing 221(d)(4) new development, adjacent to a Metro Line Station with local TIF support.

Last month we arranged a $2,1mil loan on the Glenlake Apartment Chicago for a distressed borrower with MB Bank. They required a yield maintenance prepayment penalty on a three years loan. This is not what most my borrowers want on a bank loan, but according to the client they where the only game in town for him since Mr. Riahi claims he is broke.

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