Marion, Iowa –Alliant Capital LLC has refinanced the Regal Townhomes in Marion, Iowa.
Aaron Abelson, senior vice president of the Chicago office, closed the transaction on behalf of Rosslare Capital Investments, LLC for $7,376,000 on a 10-year term and an interest rate of 5.83 percent. The refinance was completed to remove the existing CMBS loan originally financed in 2003 by Abelson.
“When refinancing any property, it is important to look at a few factors such as property performance, rental rates, the overall market and the quality of the sponsorship,” says Abelson. “The Regal Townhomes offered a quality asset with high occupancy rates, competitive rents and is located in a market showing signs of stable or increasing rental rates. This refinance enabled the owner, a repeat customer of Alliant, to refinance his maturing CMBS loan.”
The Regal Townhomes are comprised of 42 two-story garden and townhome style buildings. Built between 2000 and 2003, the community offers 168 spacious two and three bedroom units.