DEAL OF THE DAY: Alcole Capital Obtains $17.2M Loan from Global Lender
San Diego--Alcole Capital Group arranged $17.2 million for the refinance of a 262-unit multifamily property in San Diego.
San Diego‑Southern California-based Alcole Capital Group arranged $17.2 million for the refinance of a 262-unit multifamily property in San Diego. Chris Hutchison and Keith Oldham of Alcole Capital Group completed the financing for a private investor with a well-established global lender.
According to Hutchison of Alcole Capital, “We secured an outstanding 10-year fixed, non-recourse loan on multiple non-contiguous parcels. The loan was closed at a 5.75 percent interest rate amortized over 30 years. This lender offered the most competitive rates and flexibility for our borrower in a very timely manner. Despite the general real estate credit crunch and the severe tightening of underwriting standards by lenders, we have continued to secure large loans for our clients.”