Loan Type : Acquisition
Loan : $7,489,283
Two construction facilities totaling $7,489,283 for a 50-unit apartment building located in Manayunk, Pennsylvania. The first is a $7,000,000, 24-month construction loan that was underwritten at 70% loan-to-value. The second loan is a $489,283 line of credit used to bridge the timing of payments, being funded against a historic tax credit that was sold to an investor at settlement. Both carry an initial interest rate of 4.50%.