SPRUCE STREET APARTMENTS

Details

Loan Type:Permanent Refinance
Loan:$5,300,000

This transaction was a $5,300,000 cash-out refinance of a 68-unit mixed use portfolio located in the University City section of Philadelphia, PA. The seven-year loan was underwritten at 75% loan-to-value with a 30-year amortization and carried a fixed interest rate of 3.75%. The non-recourse loan was subject only to a minimal lender fee of $5,000. Despite the commercial tenant income accounting for about 40% of the entire portfolio income, RPC was able to negotiate excellent terms typically only reserved for exclusively multi-family properties.

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