TODAY’S DEALS: Alliant Capital Provides Over $5M Refi Loan to 102-unit Townhouse Community, and Other Transactions
- May 14, 2009
By Anuradha Kher, Online News Editor Tucson, Ariz.–Alliant Capital LLC recently arranged $5.5 million refinance of Cottonwood Creek (pictured), a 102-unit townhouse community located one mile from the University of Arizona in Tucson. The transaction closed with a 10-year term with two-year interest only and a 30-year amortization. “Utilizing our partnership with Fannie Mae’s Choice Refinance program has always been popular with our borrowers,” says Jay Blasberg, senior vice president of the Alliant Capital Tucson office. “The streamlined underwriting process to refinance existing loans at lower rates not only saves us time but delivers a significant savings to our clients.” Alliant Capital originators believe borrowers, who chose to go with the DUS program rather than opting for monies available through traditional channels such as larger bank corporations, are happy with their decision. The choice refinance program only allows the refinance of existing DUS loans and is completed with relative ease. Cottonwood Creek is a community with mixed occupancy, including 29 percent of the units rented by college students. Although the community is not considered “dedicated student housing,” parental guarantees are required for any student living at the property, further increasing its financial security. With nearly a third of the community comprised of students, Alliant Capital was able to complete the choice refinance using student housing underwriting guidelines, which apply to properties with more than 20 percent student occupancy. Meridian Arranges $5M for 3 Rental Communities in ChicagoChicago–Meridian Capital Group recently completed financing of $5 million for three Chicago multifamily properties.Meridian arranged financing in the amount of $2,250,000 for a mixed-use property located on the 3200 block of N. Sheffield Ave. in Chicago. The building features approximately 22,980 square feet and contains 15 commercial offices, 14 residential apartments and one retail space. The property is located in the Lincoln Park neighborhood on the near north side of Chicago and is approximately one mile south of Wrigley Field and one mile west of Lake Michigan. Meridian negotiated on behalf of the borrower to secure a 10-year term mortgage with a rate of 5.72 percent. The group also arranged financing in the amount of $1,600,000 for an 80-unit building, located at 4128 N. Clarendon Ave. Meridian’s Illinois office negotiated on behalf of the borrower to secure a five-year term mortgage with a rate of 5.95 percent. The third financing was in the amount of $1,200,000 for a multifamily building located at 7010 N. Ashland Blvd. Meridian’s Illinois office negotiated on behalf of the borrower to secure a five-year term mortgage with a rate of 5.48 percent.