One of our Premiere clients had purchased this apartment building three years prior and since then they did a tremendous amount of work on these apartments turning them into a Trophy asset. Now they returned and wanted us to refinance maximizing the cash out and to try and get some flex on the existing prepay from the current lender and they wanted at least 5 years of interest only on the new loan.
At the time the treasuries were rocking back and forth and therefore we had to time it just right to get locked in to an acceptable rate. Other than that we knew we needed to push the envelope on values, but felt confident that the numbers on the property represented a value that we needed and that coupled with the capital improvements and the quality of work we felt justified a value that was needed.
ALB was able to negotiate some forgiveness on the existing prepay for the loan being paid off through the refinance and we obtained great loan terms for the client and THE PROPERTY APPRAISED at a great value. The clients did a great job on this building and deserve all the success they have earned it. Mission accomplished and off to the next assignment.