Loan Type : Acquisition
Loan : $8,000,000
An $8,000,000 permanent loan on a newly constructed, 122-bed student housing complex located at Temple University in Philadelphia. The ten-year loan carries an interest rate of 4.30% on a 25-year amortization with the first two years being interest-only. It was underwritten at 75% loan-to-value, 90% loan-to-cost and is non-recourse. The loan includes cash proceeds of approximately $800,000.