Project Features:
- $76,383,000 Acquisition and Development Loan
- Non-Recourse with a Completion Only Guarantee
RPC closed a $76,383,261 first mortgage for the acquisition and horizontal land development of Phase I of a 433-acre 489-lot master planned community situated in West Goshen Township, PA. The loan carries an interest rate of 1,025 basis points over 30-day LIBOR and was structured as a 36-month interest only loan. The loan is non-recourse with a completion only guarantee to the sponsor. This deal had a lot of complexity, including a public financing component in the form a Neighborhood Improvement District bond, one of the first of its kind in Pennsylvania.