The Madison Group Arranges $4MM Loan for an Apartment in Utah

SALT LAKE CITY - Oct. 25, 2018 - PRLog -- The Madison Group (TMG), a leading source of multifamily financing nationwide, arranged the $4,150,000 refinance for a townhome style apartment project in Northern Utah. The borrower's goal was to secure a rate and term refinance of the in-place construction loan. The finalized terms of this loan were 5% interest rate, 10 term, and a 30 year amortization.

The property is a townhome style multifamily complex totaling 102 units located on a 9.04-acre site in Smithfield, Utah. It was built in 2016 and 2018. The units are newly constructed two and three bedroom townhome style apartments. The property has a pool, playground, and a club house. The borrowers have a successful track record for a similar style product in the area. Leasing began in April of 2017 and the property recently achieved full occupancy.

TMG overcame several challenges to ensure the completion of this transaction.   The final lease up was only 30 days ago. Additionally, the borrowers wanted to close quickly on a 30 year amortization with no pre pay penalty. Furthermore, the property is located in a rural market.  TMG worked with the lender that was able to provide flexible terms to allow for future expansion or disposition of the asset.

"Our client needed flexibility on prepay, and also a timely closing to hit a certain payoff date.  Because of the success of this transaction, we are now working on the next loan with this repeat client." said Jeff Meierhofer, TMG's Director of Finance.

The financing was arranged by Jeff Meierhofer at The Madison Group.

The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including:  multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States.  Established in 2001, The Madison Group's intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital.  TMG works efficiently and effectively to get the transaction closed and funded.

The Madison Group and Jeff can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.