Loan Type : Acquisition
Loan : $8,500,000
A $8,500,000 non-recourse bridge loan for the acquisition and tenant fit-out of a medical office building in Brooklyn, New York. The loan was underwritten at 85% loan-to-cost and 65% loan-to-stabilized-value. The loan carries a 24-month interest-only period with a floating rate of LIBOR plus 550 basis points.