Loan Type : Construction Loan
Loan : $15,250,000
A $15,250,000 construction loan of a 74-unit co-living apartment complex located in the Northern Liberties neighborhood of Philadelphia, Pennsylvania. The loan features a 36-month interest-only term with a floating rate of the LIBOR plus 275 basis points. The loan was underwritten at 60% loan-to-value and 75% loan-to-cost.