StackSource recently arranged a cash-out refinancing for The Saddlebrook Properties in Louisville, Kentucky. Saddlebrook is a multifamily apartment complex comprise of 56 units across 5 buildings, a third of which are designated as low income housing. The sponsor acquired 3 of the buildings in 2018, the remaining 2 buildings in 2019, and has contributed $450,000 in property improvements along the way, enabling their first cash-out refinance in this transaction.
Capital Advisor Philip Davis arranged financing with a private debt provider in order to secure a 30-year fixed rate at 4.75%. The refinance allowed the investor to pay off his current lender and recapture equity.