Tall Oaks Apartments
|Deal Type||Freddie Mac|
The transaction includes a $10,198,000 ($65,372/unit) non-recourse, first mortgage loan secured by a 156-unit apartment complex “Tall Oaks Apartments”, located at Niskayuna, NY. Built in 1970, the property comprises 11, two-story buildings situated on a 13-acre land. The borrower purchased the property in 2017 for $9.75MM ($62,500/unit). Since then, the borrower has invested $1.1MM($6,968/unit) in capital improvements at the property. The proposed loan will be used to refinance the existing debt. The loan is structured with a 10-year term, with an initial 60-month interest-only period, followed by a 30-year amortization schedule.