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$4,832,000
First Mortgage
Madison Park
Apartments
Wichita, Kansas |
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Madison Park Apartments is a 276-unit garden complex built in 1968
which was renovated in 2000. The property consists of 12 three-story
buildings which are situated on 9.12 acres of land. Madison Park offers
a mix of unit types including: 12 studio units; 120 1br/1ba units;
and 144 2br/1ba units. The property is located at 3603 West 13th Street,
which is in the northwest sector of the city of Wichita and is surrounded
by a harmonious mixture of commercial and residential development.
The property offers numerous amenities including two community pools,
playgrounds, a picnic area with grills, a sand volleyball court, a
clubhouse, and coin-operated laundry facilities in each building.
It is well located with easy access to the major arteries serving
the area, and is located approximately three miles northwest of downtown
Wichita.
Suburban provided a first mortgage loan to the borrower for the refinance
of the property. The loan was a fixed-rate mortgage having a 10-year
maturity with a 30-year amortization, and was priced at a fixed interest
rate spread over the 10-Year U.S. Treasury Bond Index.
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