SOUTH 8TH STREET

Details

Loan Type:AcquisitionConversion
Loan:$1,150,000

This transaction was a $1,150,000 acquisition / construction loan for a nine unit apartment building in Center City Philadelphia, PA. The 75% loan-to-value mortgage featured both a construction piece and a permanent piece. The 18-month construction loan featured an interest only rate of LIBOR plus 3% while the five-year permanent piece will have a rate of FHLBNY five-year rate plus 3% and amortize over 25 years.

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