NARRATICON APARTMENTS

Details

Loan type: Permanent Refinance
Loan: $16,250,000

This loan was a permanent refinance of a 294-unit apartment complex just to the southeast of Philadelphia in Deptford, NJ. With the maturity date of the existing debt looming, RPC was able to negotiate excellent terms from a local bank and close the deal after a drop in occupancy derailed the transaction with an agency lender. Through its network of capital sources, RPC was able to quickly secure non-recourse financing at the lowest possible rate with significant cash out to the sponsor and avoid an ugly maturity default.

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