March 20, 2019
Prime Rate
5.50%
2.49%
2.62%
2.62%
Photo of Autumn Park Apartments
Property Type
Multi-Family
Transaction Details

$5,275,000 Permanent
Life Insurance Company

Transaction Name
Autumn Park Apartments
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Transaction Details

Autumn Park is 12 building, 144-unit multifamily property located in Grand Island, NE. The Sponsor built the property in 1997 and has owned and operated the property for the past 20+ years. The property is currently 98% occupied and has maintained consistent occupancy levels in the 92%-95% range over the past 10 years.

The Sponsor was seeking to refinance the current loan on the property, which was set to mature in February 2019. The Sponsor’s request was a 10-year permanent loan that represented an LTV of 65%. The re-finance did not include a “cash-out” component, which helped to strengthen the loan terms offered. Essex was able to negotiate a permanent loan with one of its correspondent life insurance companies that included a 30-year amortization and a competitive interest rate. Alex Riggs and Blaire Butler represented the Borrower, who locked an interest rate the following day and closed the loan 45 days later.