ValueXpress Obtains $4.9-Million CMBS Conduit Loan for a 112-Unit Apartment Complex in LA

ValueXpress obtained a $4.9-million CMBS conduit loan secured by a residential apartment complex located in Lake Charles, LA.  The two-story garden apartment complex, built in 1978, consists of 112 rental apartments in 14 separate buildings.  Significant renovation of the property was conducted during 2005-2006. The renovation included new stucco for the majority of the exterior walls, leasing office renovation, exterior paint, interior lights, carpet, appliances, new double-pane windows, HVAC components replacement and painting of cabinets.  Property amenities include a swimming pool with sunning deck, playground, basketball court and picnic area.  Other features include on-site laundry facilities, washer/dryer hook-ups, private patios/balconies, wood burning fireplaces and walk-in closets. The property was 97% occupied at closing.  The 75% LTV 10-year fixed-rate loan amortizes on a 25-year schedule.

This entry was posted in CMBS Conduit Loans, Michael D. Sneden, Owner-User Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , . Bookmark the permalink.

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