Loan Type : Bridge Loan
Loan : $6,360,000
A $6,360,000 bridge loan for the acquisition and repositioning of a 252-unit apartment complex located in Tulsa, Oklahoma. The non-recourse loan features a 36-month interest only period at LIBOR plus 450 basis points. The loan was underwritten at 82.5% “as-is” loan-to-value and 70% “as-stabilized” loan-to-value. This represents 75% of total project cost.