Solon Road Apartments
StackSource recently arranged financing for a 20,000 SF, 2 building, 14 unit multifamily apartment complex in Bedford, OH, roughly 13 miles SE of downtown Cleveland. The sponsor acquired the property in 2017 and had injected $75,000 into the property to upgrade water heaters, common areas and interior unit updates including new flooring, kitchen and bathroom fixtures and appliances. Capital Advisor Chris Peters arranged financing with a regional bank lender that provided an 80% LTV cash out refinance with a 10-year fixed rate at 3.99% and a 20-year amortization schedule. Lender fees were capped at $250.