[quote=ucodegen] I assumed all $62mil financed at 4%. [/quote]
Bad assumption. Doesn’t work that way. 4% is reasonable for a SFH. And up to 4 units. Not for anything more than that. Lending for large apartment buildings is often balance sheet lending. 100% debt is rare, even for the most credit worthy. Interest rates vary tremendously between the best and worst, based on relationships and credit worthiness of lender. Most common number I see used lately is 5.5%. Some borrowers could do better. Others can only get higher rates. Most often, rates are not fixed, and loans are 5-7 years.
