The complex is located at 1927 Queenswood Rd. It consists of 66 one-bedroom and 132 two-bedroom units with balconies or patios. The property also has a swimming pool, playground and laundry facilities. The new owner expects to invest $475,000 in interior and exterior capital improvements.
Chicago-based Capri Capital arranged $6.7 million in acquisition financing for the buyer using Fannie Mae's Early Rate Lock program and delivered the loan within 15 days of the application. It is a 15-year loan with a 25-year amortization and a 14.5-year yield maintenance. The interest rate was 5.93%, and the loan-to-value ratio was 79%.
Dori Castagno of Capri originated the loan. Capri is a Fannie Mae delegated underwriter servicing (DUS) lender, a HUD originator and servicer, and a Freddie Mac program-plus seller-servicer. It has more than $6 billion in assets under management.
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