Loan Type:Permanent Refinance
This loan refinanced the debt on nine contiguous apartment buildings in the Temple University market containing a total of 19 units and 74 beds. It carries an interest rate of 4.90% with a five-year term with a 25-year amortization and was underwritten at 75% loan-to-value. The buildings were empty at acquisition but were fully leased by closing. The refinance retired existing bank debt and provided significant “cash-out” to the borrower for future acquisitions. The deal closed in 45 days.