Apple Lofts


A $21,000,000 non-recourse construction loan for the conversion of a vacant 100,000 square foot former industrial storage facility into 153 luxury apartment units, located on the far western edge of University City in West Philadelphia, Pennsylvania. The 36-month interest only construction loan was underwritten at 65% loan-to-value and 66% loan-to-cost at an interest rate of LIBOR plus 550 basis points.