R3 Funding arranged $26.24 million in refinancing for the Rochester Multi Portfolio, a group of several 1960s vintage multi-family properties located in various subsections of Rochester, New York totaling nearly 600 apartment units.
Ray Potter, managing partner of R3 Funding, said the new, fixed rate loan arranged through Freddie Mac features a 10-year term with a 30-year amortization with an 80% loan-to-value (LTV) and a four-year interest-only payment schedule.
The borrowers also received a significant cash-out from equity as part of the new loan, which simultaneously defeased four existing CMBS loans on buildings across the portfolio.
With this closing, R3 Funding has now arranged four deals in Rochester in 2014 totaling approximately $57.75 million.
