MMCC, a leading commercial real estate financing firm, has successfully arranged $53 million in refinancing for two multifamily properties located in Lauderhill, Florida. The financing was secured through M&T Bank on behalf of a private client.
According to Robert Bhat of MMCC, the two adjacent properties known as Inverrary Village and Royal Palms offer a total of 488 apartment units and are situated off Oakland Park Blvd. The cash-out refinance includes an interest rate of 5.90% with two years interest only on a 5-year term due to the well-maintained condition and experienced management at both locations.
Inverrary Village is located at 2979 NW 56th Avenue and features one- and two-bedroom units along with convenient amenities such as laundry facilities, playgrounds, and parking. Similarly,Royal Palms can be found at2910 NW 56th Avenue offering one- to three-bedroom units alongside desirable amenities including swimming pools,elevators,and playgrounds.The construction dates back to the1970’s.
