ASPEN HEIGHTS APARTMENTS
LFB successfully arranged $2,181,000 for a rate and term refinance of a garden-style apartment building in Watford City, ND. The subject property contains 48 apartment units on just over 2 acres which at the time of refinance was roughly 92% occupied. The clients approached LFB through a referral source as they needed a lender who could work around their foreign national status, lend in North Dakota, and offer a lower rate than they were currently paying. LFB arranged the capital, at a large discount to the clients previous rate, through one its close capital partners and did so in time for a year end closing. The quick year end closing allowed the client to recoup its prepaid interest for 2019 that was held by the previous lender.