Pine Bluff Duplexes
StackSource successfully placed $555,000 in permanent financing for the refinance and cash out of a recently stabilized multifamily portfolio. The property, located in Pine Bluff, AR, was acquired in January of 2020 for $691,000. The Sponsor recently completed renovations of $40,000 across 7 units to bring the asset to full occupancy. StackSource Capital Advisor Andrew Bouton worked with an Arkansas based credit union to obtain a 3.75% fixed rate loan, which included $60,000 in cash out proceeds, replacing a 5.35% interest rate loan. The new commercial mortgage features a 25-year amortization and 76% LTV.