- $53,7822,000 Land Loan Refinance
- Non-Recourse with a Completion Only Guarantee
RPC closed a $53,781,504 first mortgage for the refinance of the remaining undeveloped lots of 549-lot residential development located immediately adjacent to the new Malvern/PA-29 Interchange of the Pennsylvania Turnpike. The loan carries an interest rate of 1,150 basis points over 30-day LIBOR and was structured as a thirty-month interest only loan. The loan is non-recourse with a completion only guarantee to the sponsor, and provisions for a substantial return of capital to the borrowing entity.