Loan type: Permanent Refinance
Loan: $3,300,000
A $3,300,000 a non-recourse loan to refinance a newly constructed 22-unit Class A apartment building. The property had only reached stabilized occupancy two weeks prior to closing, and provided significant “cash out” to the borrower. It was underwritten at 80% loan-to-value with a 30-year amortization.