ValueXpress Obtains $4,000,000 Fannie Mae Loan Approval

ValueXpress obtained a $4-million Fannie Mae loan approval from its Fannie Mae partner to refinance a 168-unit Class B apartment community property on a 22-acre site that was built in 1975 by the borrower, Cordoba LLC.  The property is located in Hampton, VA.  The loan will repay a short-term loan in the amount of $3 million and provide for reimbursement of capital improvements utilized to convert the property from landlord-paid HVAC to tenant-paid HVAC.  Furthermore, the new loan will provide for a capital improvement reserve to replace kitchens and bathrooms as apartment units turn over.

“This transaction is a follow-on to a Fannie Mae Small Balance loan transaction we recently closed for the sponsor.  Based on the positive experience, the sponsor immediately engaged ValueXpress to secure a Fannie Mae loan for this transaction,” explained Michael D. Sneden, Executive Vice President of ValueXpress.

This entry was posted in Commercial Lending, Fannie Mae, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress and tagged , , . Bookmark the permalink.

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