Search
 

APF Closes $17.4 Mil Mortgage for Affordable Housing Complex

SOMERSET, NJ-Fannie Mae MBS DUS loan will refinance 398-unit Somerset Estates property at a 7.81% fixed rate note.

By Eric Peterson | Updated on October 12, 2000

SOMERSET, NJ-American Property Financing, based in New York City, has closed a $17.4-million Fannie Mae MBS DUS mortgage for the refinancing of Somerset Estates, a 398-unit affordable multifamily property. APF provided the borrower, who was unnamed, with a 7.81% fixed rate note for 10 years with a 30-year amortization schedule.

Underwriting on the cash-out refinance, which was originated by APF vice president Thomas Schissler, was based on 1.25 debt service coverage and 80% LTV. Pricing was based on the Fannie Mae DUS Tier2++ pricing structure.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.