LAKELAND, FL-Collateral Mortgage Capital of Birmingham, AL arranged a total $5.2 million in refinancing through Fannie Mae for two seniors multifamily communities in this Central Florida city, 40 miles south of Downtown Orlando.
The 187-unit Angler's Cove Manufactured Community received $2.85 million and the 153-unit Angler's Cove West Manufactured Community obtained $2.35 million. The loans were funneled through Fannie Mae's Delegated Underwriting and Servicing (DUS) program. Both properties are 100% occupied.
The loans carry five-year terms that amortize on 25-year schedules withm interest rates of 6.68%. The loan for Anglers Cove has a 69.09% loan-to-value and debt service coverage of 1.36x. Collateral underwrote the loan for Anglers Cove West at 72.6% loan-to-value with debt service coverage at 1.34x.
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