313 Race


A $10,600,000 construction loan for a 51-unit apartment building located in the Old City neighborhood of Philadelphia, Pennsylvania. The loan carries an initial 27-month construction period at LIBOR plus 300 basis points, followed by a five-year fixed rate loan option at a competitive rate. The loan was underwritten at 75% of the “as-stabilized” value and allowed the sponsor to fund 80% of construction costs.