Loan Type : Construction Loan
Loan : $4,875,000
A $4,875,000 construction loan for the development of a 19-unit mixed-use apartment building located in the Fishtown neighborhood of Philadelphia, Pennsylvania. The loan carries an initial 24-month interest only period at Prime + 1%, followed up a ten-year non-recourse fixed rate loan option at a competitive rate. The loan was underwritten at 75% of the “as-stabilized” value and 75% of project cost.