Riviera Apartments

Full Term I/O, 7 Year Term
Idaho Falls
Amount: $

StackSource arranged financing for the cash-out refinance of a 60-unit multifamily located in Idaho Falls, Idaho. The Sponsors acquired the property circa 2018 and had realized significant equity gains. The Sponsor was seeking non-recourse, cash-out, and a fixed rate term, and ended up choosing a Freddie Mac Small Balance loan because the rate could be locked at application. This financing was timed well, given the rising interest environment. Director Paul Winterowd was able to secure a 4.98% rate, 7-year, full term interest only loan. The loan closed with the same terms as set forth on the term sheet without any loan proceeds cut. The Sponsors were actually able to lower their note rate, pull significant cash out, and have great cash flow moving forward with the interest only payments.

Deal Team

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