Loan Type : Refinance
Loan : $53,781,504
A $53,781,504 refinance of the remaining undeveloped lots of The Village at Atwater, a 549-lot residential development located immediately adjacent to the new Malvern/PA-29 Interchange of the Pennsylvania Turnpike. The loan carries an interest rate of 1,150 basis points over 30-day LIBOR and was structured as a 30-month interest-only loan. The loan is non-recourse with a completion only guarantee to the sponsor, and provisions for a substantial return of capital to the borrowing entity.