Project Features:
- Permanent Refinance
- $8,000,000 Non-Recourse Permanent Loan
- 90% Loan to Cost
RPC closed an $8,000,000 first mortgage loan on a newly constructed 122-bed apartment complex in Philadelphia, PA. The loan carries a 10-year term with a 30-year amortization and an interest rate of 4.30%. It was underwritten at 75% loan-to-value, 90% loan-to-cost and is non-recourse. The loan includes cash proceeds of approximately $800,000 that were paid to the borrower at closing and there was no lender fee.