Loan Type : Refinance
Loan : $5,400,000
A $5,400,000 refinance of a 205-space, multi-story parking garage with ground floor retail located in Center City Philadelphia. The loan carries an initial three-year term with a 25-year amortization and a floating interest rate of LIBOR plus 350 basis points. The loan was underwritten at 80% loan-to-cost and 75% loan-to-value.