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$12,100,000 Extended Stay Construction Loan

Loan Type : Acquisition

Loan : $12,100,000

A 12,100,000 non-recourse construction loan for the acquisition and redevelopment of an existing commercial building in the Tribeca neighborhood of Manhattan, into a “VRBO style” extended stay property. The non-recourse loan features a 12-month term at 725 basis points over 30-day LIBOR. The loan was underwritten to 75% of total project cost and 65% of stabilized value and the borrowers were foreign nationals who never done a project in the US.

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Based in the Philadelphia region, Real Property Capital, Inc. (RPC) is a commercial mortgage banking firm with a regional focus and national capabilities... Read More

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303 Harry St.
Conshohocken, PA
19428
(610) 456-9644
bgreen@realpropertycapital.com

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