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Casitas Del Este Refinance Fulfills Client’s Goals
Lument recently provided a $6.8 million Freddie Mac small balance loan to refinance Casitas Del Este, a 78-unit garden-style apartment community in El Paso, which was 100 percent occupied as of last summer. Lument managing director Steve Beltran led the transaction.
“This refinance loan fulfilled all of our client’s goals,” says Beltran. “The sponsor was pleased with the low fixed interest rate and will use the cash-out funding to make some valuable upgrades to the community.”
The Freddie Mac SBL is structured as a seven-year fixed-rate loan with a 30-year amortization and two-year interest-only period. The loan also includes significant cash-out proceeds, which the borrower intends to use to enhance the property.
Casitas Del Este is managed by InnoStrat LLC, a property management company that currently oversees 25 properties and 1,095 units in the El Paso area. The property is situated on 7.7 acres and has a total net rentable area of 74,664 square feet.
- ◦Financing
