222 Norristown

Details

A $7,760,000 construction loan for a 43-unit age-restricted (55+) apartment building located in Warminster, Pennsylvania. The loan was underwritten at 75% of stabilized value and allowed the borrower to finance over 87% of the project costs. The loan features a two-year term as a mini-permanent option and an interest rate of the LIBOR plus 275 basis points.

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