Miami Beach, Florida – Our Commercial Loans information for the day is from sunny South Florida. As many commercial lending sources remain tight, we see NNN Commercial Real estate and Apartments receiving commercial mortgages and CTL Financing. For example a a recent Commercial Loan was funded on a property in Miami Beach, the mecca of exciting living. Commercial Mortgage Lenders were able to finance the Blackstone Apartments. The Miami Beach Apartment Building Complex needed refinancing on commercial loans. Commercial Mortgage Lenders were reported to arrange a refinancing of a Commercial loan for $10 million.
The Miami Beach Commercial Mortgage Lenders got decent terms for the Commercial loan secured by the Blackstone Apartments in Miami Beach. The commercial Mortgage Lenders arranged the commercial loan with a seven year fixed rate commercial mortgage term. Miami Beach Commercial Mortgage Lenders saw that this Commercial Loan has terms with two years of interest only. The Commercial loan is somewhat common as the loan to value (LTV) was at or about 70%. It is not common to get 95% Commercial Loans on very many Commercial Real Estate Investments. This Commercial loan in Miami Beach did not reveal the commercial loan interest rate.
One other point of this Commercial loan is that it was funded through Freddie Mac (yes, it looks like they are still in business with funding commercial loans). The Commercial Loan borrower was Blackstone Equities. This Commercial Property is situated in an ideal location. It is nearby plenty of shopping, dining and near the Cheap Car Insurance Quotes location. The Blackstone Apartments are positioned at 800 Washington Avenue. The Miami Beach apartment community happens to be in a very historic district. This is a super location which is right in the center of South Beach.
The Commercial loans site researched that The Blackstone Apartments in Miami Beach was initially constructed in 1929. This Miami Beach Investment property needed some revamping and received a complete remodeling back in the year of 1987. The Commercial Loan collateral consists of 130 apartment units. This Miami Beach Investment Property is doing very well with approximately 08% of the units net leased at this occasion of the commercial loan refinancing.
Many Commercial Mortgage Lenders believe it is still a great time to refinance and get a commercial loan. It still appears as if interest rates are bound to rise due to the economic climate. This Miami Beach Investment Property is a very distinctive commercial property. The commercial Loans site staff saw that not long ago South Beach was distressed and many of those classic art deco investment properties needed some rehabilitation. Apparently, the NNN Commercial Real Estate Investors and local Miami Beach Property investors helped to turn South Beach around and it is now full of valuable property.
The Commercial loans news now travels up the coast to Palm Beach, Florida. We want to report that Lydian Private Bank was recently seized by regulators and sold. The Buyers of this Palm beach Private Bank was the Miami based Sabadell United Bank Company. Lydian Private Bank was based in tony Palm Beach, and maintained five branches in South Florida. The Lydian Private Bank had one prime location in the magnificent area of Coral Gables. Obviously, the Commercial Loans site loves Coral Gables, Florida.
We have read that Sabadell United Bank has stated that they have a goal to expand their wealth management business with this acquisition. Sabadell United Bank currently had branches in the Miami-Dade County area, Broward County and Palm Beach County. Sabadell United Bank has stated that they will combine and takeover Lydian Private Bank’s branches that were located in Palm Beach, Palm Beach Gardens, Tampa, Sarasota, and the fine Coral Gables location. Sabadell United Bank will also have the wealth management office which is located in Naples, Florida. This investment will broaden Sabadell United’s branch network to 25 locations spread out in six different counties.
If you are seeking to buy investment property, here is our easy Commercial Loan Form
