Multifamily Portfolio refinance
A little background: we have a portfolio (3000+ units) of multifamily properties across the east coast, from top to bottom. Primarily class b-/c+ assets, all in class a/a- locations. These properties were bought in the past year or so at extremely tight cap rates. They are performing very well (However, while we have rate caps at 6+, and we can cover our mortgages, that is still more than we would like to pay.anywhere from 15%-80%+).
Does anyone know of a loan product that requires a 1-1.15 dscr (on io), fixed rate, and a sub 5% rate(last month we closed on 4.75 fixed bridge), with a stepdown prepayment fee? We are looking for somewhere between $100mm-$350mm with such a structure.