Janover has closed $2 million in refinancing for a 30-unit community in Lansing, Ill., through its financing platform. Arbor provided the mortgage through Freddie Mac’s Small Balance Loan program to a Michigan-based borrower.
The non-recourse, fixed-rate loan is structured with a 10-year term, 30-year amortization period, and 9.7-year yield maintenance provision. Brandon Ramineh, director of capital markets at Janover, helped close the deal.
The new loan replaces a $290,000 note from CNB Bank & Trust, according to Cook County records. The borrower took out that 20-year, floating-rate loan in 2016.
"Freddie Mac’s Small Balance Loan program is an ideal product for smaller apartment properties," Ramineh said. "Thanks to the program’s early rate lock option, we were able to secure favorable terms despite the uncertainties surrounding interest rates."
Built between 1972 and 1991, the buildings encompass one- and two-bedroom apartments featuring balconies and HVAC systems. The property was 95% occupied at the time of the underwriting, with some units leased to Section 8 tenants. All units are leased at or below 80% AMI and 56.7% are at or below 60% AMI.
Located at 17714-38 Arcadia Ave., the five-building community is near a cluster of retail options alongside Freeway 83 and Interstate 94. The property is around 25 miles from downtown Chicago.
Janover’s Ramineh recently worked with Arbor in another deal, closing a $4.1 million refinancing through Freddie Mac’s Small Balance Loan program for Flairwood Apartments, a 120-unit property in Memphis, Tenn.