The Alabama lender funded the 18-year-old, 200-unit Meadowrun Apartments in Pensacola for owner Mitchell Equities of Mobile, AL with a $5.6 million, 10-year loan at 7.4% interest on a 30-year amortization schedule.
The financing was made through Collateral's Smart loan program geared especially to financing commercial real estate transactions, Collateral vice president Jane Z. Harrison says in a prepared statement.
"This particular loan closed in only 55 days from application, which met the borrower's required closing date, enabling the payoff of existing bond financing," Harrison says.
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