This was a purchase transaction for a long-time repeat client for ALB. Coincidentally the client was buying back an apartment building that he had sold a few years prior to the seller. Now you don't see that every day!
The biggest hurdle on this transaction was the rising interest rates caused the need to put more money down. It really was amazing how just 6 months earlier we had closed a transaction for this same borrower with rates in the 4's and now they are in the 6's.
ALB structured a nonrecourse 5 yrs interest only and closed on time. Everyone walked away happy.