Loan Type : Cash-Out Non-Recourse Permanent Loan
Loan : $2,490,000
A $2,490,000 cash-out non-recourse permanent financing for a 19-unit luxury apartment building located in the Chestnut Hill neighborhood of Philadelphia, Pennsylvania. The ten-year loan features an interest rate of 4.40% for the first seven years with a reset for the remaining three. The loan was underwritten at 75% of the property’s value on a 30-year amortization and is non-recourse.