Loan Type : Acquisition
Loan : $24,300,000
A $24,300,000 first mortgage on a 243,000 square foot office/flex in West Chester, Pennsylvania. The loan is structured as two components; a permanent loan on the stabilized properties in the development and a construction loan that allowed the client to reposition two mostly vacant 1970s era flex buildings into Class A office. The first loan is a $15,000,000 permanent loan on four of the six buildings and features a five-year term with a 20-year amortization. The second loan is a $9,300,000 construction loan that will allow the client to rehabilitate the two remaining buildings. It features a floating rate of 275 basis points over LIBOR. Both loans were underwritten at 80% loan-to-value.