Multifamily in Phoenix, Arizona
A long-time California investor sold a property in California to acquire his first turnkey multifamily property in Phoenix. The Sponsor was using funds from a 1031 exchange and wanted to secure the best terms available at an aggressive rate, with a minimum of a 10-year maturity.
With the efficiencies of the technology platform, CommLoan was able to close this transaction within the stringent timeline of this exchange. CommLoan was able to procure a 10-year fixed rate at 4.4% for the 2.7MM acquisition. The investor was so pleased working with CommLoan, he indicated that he will be returning to CommLoan with his next transaction.