Project Features:
- $12,500,000 Acquisition and Development Loan
- Interest Only Revolving Land Development Loan
- Limited Recourse to Entity Only, No Personal Guarantees
RPC closed a $12,500,000 first mortgage for the horizontal land development of Edgmont Preserve, a 167-lot master planned community situated along West Chester Pike in Newtown Square, PA. The loan carries an interest rate of 290 basis points over 30-day LIBOR and was structured as a 30-month interest only loan with limited recourse to an entity only.