Dealmaker: Eastern Mortgage Capital Funds $21.5M for California Apartment Complex

(Image courtesy of Eastern Mortgage Capital)

Eastern Mortgage Capital, Burlington, Mass., provided $21,548,000 in permanent financing for an apartment complex in Fresno, Calif.

The complex, called The Rousseau, contains 84 units.

The financing package is fully non-recourse to the borrower with no carve-outs, is assumable and includes a step-down pre-payment (no yield maintenance or defeasance) that expires after 10 years.

EMC Vice President Peter Tousignant said: “We were delighted to execute a cash out refinance for one of the region’s premier multifamily developers. We were also extremely pleased with HUD’s quick turnaround time in underwriting the loan.”