Janover has closed the $2.3 million refinance of a 27-unit affordable housing asset in Anchorage, Alaska through its commercial real estate financing platform. A nationwide diversified financial services firm provided the mortgage through Fannie Mae’s Small Loans program. The loan retired just shy of $2.1 million in existing debt.

The non-recourse loan closed at a 73.4% loan-to-value ratio and features a competitive fixed rate. The financing has a 10-year term and an amortization period of 30 years. Brandon Ramineh, director of capital markets with Janover, coordinated the deal between the lender and the borrower, a local investor.

Located at 3810 Indiana St. within Anchorage’s Spenard neighborhood, the property features two-bedroom townhomes in four two-story buildings constructed in 1985. Amenities include in-unit washers and dryers, parking, and a large amount of green space on the 1.6-acre site. The community is within half a mile of several of Anchorage’s largest office buildings and two retail centers.

Alaska’s Largest Multifamily Market Warms Up

Anchorage’s rents, like those across the country, have skyrocketed in the past year. A first-quarter report from the National Association of REALTORS® indicated that the metro’s rents increased 11.6% for the year ending in March, in line with the national growth figure. With markets like Anchorage seeing improved fundamentals, many borrowers are able to access more advantageous refinancing terms — even amid rising interest rates.

Janover matched the borrower with a national financial services firm specializing in small-balance agency debt. Due to the property’s affordability component, we were able to swiftly provide the borrower with a fixed-rate refinance on advantageous terms, while allowing the borrower to pull cash out and reinvest back into the subject property,” Janover’s Ramineh told Multifamily Today.