Chester Place is an 11-unit multifamily property located in the midtown submarket of Phoenix, Arizona. The borrower, a high net worth private investor based in California, acquired the asset in February 2015. The property has been meticulously maintained and benefits from a stellar property manager who lives onsite. Capex of approximately $25,000 has been spent for re-roofing, electrical panel updates and a remodel of laundry facility.

The non-recourse Fannie Mae Small Balance Loan provides the borrower a low rate of 4.1% fixed for 15 years. Due to the very low leverage the lender was able to offer full term interest only payments, providing exceptional monthly cash flow.