Loan Type : Construction Loan
Loan : $7,760,000
A $7,760,000 construction loan for a 43-unit age-restricted (55+) apartment building located in Warminster, Pennsylvania. The loan was underwritten at 75% of stabilized value and allowed the borrower to finance over 87% of the project costs. The loan features a two-year term as a mini-permanent option and an interest rate of the LIBOR plus 275 basis points.