Loan Type : Refinance
Loan : $1,175,000
A $1,175,000 acquisition loan for the development of a freestanding 4,815 square foot, Chick-Fil–A restaurant located in Whitehall, Lehigh County, Pennsylvania. The starting gross annual rental rate in year one is $102,500. The loan features an interest rate of LIBOR plus 220 basis points for construction converting to a fixed principal and interest repayment for five years. It was underwritten at 70% loan-to-value, and 92% loan-to-cost.