Loan Type: Refinance
Fern Rock Apartments consists of a six building apartment complex containing over 60,000 square feet of rentable area in 87 units. The property was refinanced with a $3,900,000 loan. An existing client approached RPC upon receiving a very attractive offer on another property that had brand new debt on it with a substantial prepayment penalty. RPC negotiated with the lender and convinced the lender to “swap” collateral for this property in lieu of the other property, thereby allowing the client to realize a large monetary gain with no prepayment.