They consolidated their loans on all 400 units into a single loan.

I'm paying about that for 2 adjacent lots to be surveyed for a lot consolidation I'm doing.

I always suggest to my clients to consolidate as much as possible to make their life easier. 

I thought maybe going the consolidated, portfolio loan route, but my guess is that the terms would be less favorable and I would lose some flexibility with being able to “kill” individual loans if desired, and also I believe I read somewhere that if I ever sold a property (and kept the others), that the sale proceeds must be paid back towards the outstanding portfolio loan balance.  

My wife an I are wanting to get into the real estate/rental profession, but we both came from divorces and are in the middle of debt consolidation program.

I plan to use $100k of this loan to consolidate the existing note on the original building as they are in 1st position currently.

@David Hulit thanks for info i just took a loan out for a cushion and to consolidate debt so i sould be good but may apply to see.

Here's a blog post on BP that consolidates a lot of the info in a helpful manner!

My banker suggested that I consolidate the loans on these properties into one loan at the estimated current value of all the properties.

For your situation it might make more sense to find a local bank to consolidate the loans with.