OLD CITY APARTMENTS

Details

A $3,200,000 loan on a three property, 20-unit multi-family portfolio located in the Old City section of Philadelphia, Pennsylvania. The non-recourse mortgage was written as a ten-year loan with a 15-year amortization and a fixed interest rate of 4.00%. The loan was underwritten at 60% loan-to-value and included approximately $1,000,000 in “cash out” proceeds to the sponsor.

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