This was a purchase transaction and of a property that we were very familiar with since we had financed it less than 4 months prior for the seller and had placed them into a no prepay program as they had wanted to potentially sell soon, and it looks like this is exactly what they did. The buyer for the property was a past client with whom we were concurrently financing 6 other apartment buildings.
The biggest challenge turned out to be the buyer had some funds come into to the transaction from a family member that we were not aware of, but we were able to get a documented gift letter to satisfy the lender.
ALB structured a fantastic promotional 5 yr fixed program that was at 2.99%. The loan closed on time and everyone walked away happy. We don't expect to see these kind of rates again.