Marysville Apartments

Marysville, WA

//Marysville Apartments
Marysville Apartments 2018-03-21T17:08:00+00:00

Project Description

Absentee owner requested a refinance of a 38 unit multifamily property. Upon preliminary inspection we found gross mismanagement and very poor property condition including major deferred maintenance. To prepare it for presentation to prospective lenders we removed the existing management company, assumed management including evicting select tenants, leasing to new tenants and developing and implementing a plan to refurbish units and landscaping. It took virtually one year to turn the property around and secure a refinance that met the owner’s needs. As part of any proposed transaction IREC conducts a preliminary visit and makes recommendations and suggestions that make for a strong loan package for presentation to prospective lenders

Refinance of existing first mortgage

33 Unit Multifamily

$1,650,000 Loan – 5 year fixed term @ 4.100%

30 Year amortization