A $6,000,000 construction loan for a 40-unit mixed use apartment complex located inWest Philadelphia,PA. The loan was priced at Prime + 0.75% and has a permanentconversion feature after 30 monthspricedat the 5-year Swap Rate plus 3.25%. The loanwas underwritten at78%loan-to-cost and was structured in a way inthataccountsforland value appreciation
