Parrett Street Apartments
StackSource arranged financing for a California investor to refinance a 35-unit apartment building located in Evansville, IN. The property was acquired in 2015 and received substantial renovations over the years while the sponsor brought on a new property manager and leased up vacant units. The sponsor wanted to capitalize on the value created and pull cash out to acquire additional investment properties, however, due to COVID was unsuccessful in refinancing with several lenders including Fannie Mae and a few regional banks. Capital Advisor Chris Peters was able to secure a 75% LTV cash out refinance with a private lender that offered a 30-year term loan with the first 10-years interest only fixed at 5.425%.