Loan Type : Acquisition
Loan : $27,000,000
A $27,000,000 loan for the acquisition and land development of the Atwater South parcel, located immediately adjacent to the Malvern/PA-29 Interchange of the Pennsylvania Turnpike. This loan will be used for the horizontal development of 549 building lots to be sold to Ryan Homes. It was structured as a three-year interest-only loan and, significantly, it features a completion-only guarantee to the sponsor.