Loan Type : Acquisition
Loan : $3,520,000
A $3,520,000 loan for the acquisition of the historic Harbison’s Dairies plant in the Kensington neighborhood of Philadelphia, Pennsylvania. The loan was written as a 30-month interest-only term with a floating rate of LIBOR plus 250 basis points. The loan was underwritten at 62% of stabilized value and 70% of cost.