Loan Type : Acquisition
Loan : $9,580,000
$9,580,000 in acquisition and construction financing for the repositioning of a 45- unit apartment complex, just outside of Philadelphia in Bala Cynwyd, Pennsylvania. The first mortgage features an initial 36-month interest-only construction period followed by a 48-month mini-permanent on a 30-year amortization. The rate for the full seven-year term was fixed at 3.8% at closing through construction and permanent thereby eliminating the risk of rising rates which was a great benefit to the client.