Transaction Overview
J. Jay Brooks successfully arranged a $4,000,000 permanent refinance for a 60-unit apartment building in Anchorage, Alaska. The property is a beautifully maintained 1980’s vintage asset with 100% occupancy with numerous long-term tenants paying below market rents. The borrower developed the property and “survived” multiple major market swings and as a consequence, was not willing to accept a loan with cash management or lender control triggers associated with fluctuating cash flow. Sized to 75% LTV, the non-recourse loan is fixed for ten years at 4.43%, amortized over 30 years and does not require a cash management system.
