Loan Type : Construction Loan
Loan : $3,460,000
A $3,460,000 construction loan for a 16-unit mixed-use apartment building located in the Fishtown neighborhood of Philadelphia, Pennsylvania. The loan carries an initial 18-month interest-only period at Prime plus 1%, followed by a five-year fixed rate loan option at a competitive rate. The loan was underwritten at 75% of the “as-stabilized” value.