A $2,962,500 construction loan for a 12-unit apartment building with ground floor retail in the Fishtown section of Philadelphia. The loan is a 7-year construction-to-permanent loan was priced at 250 over 30-day LIBOR resulting in a sub 3% rate and is open to prepayment without penalty during the 24-month interest-only construction period. The loan was underwritten to 75% LTV.
