Land Development | Newtown Square, PA

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.