Loan Type : Permanent Refinance
Loan : $8,500,000
$8,500,000 refinance for the 156-unit garden style apartment community located in Wilmington, Delaware. It was underwritten at 75% loan-to-value at a fixed rate of 4.75% with a seven-year term and a 30-year amortization. Although the property had only recently reached stabilization and did not have a strong operating history, RPC was able to identify a lender that could execute and close the transaction in 30 days. Around 30% of the tenants were Section 8 or similar in nature.