- $10,600,000 Construction Loan with Optional Take Out
- 81.5% “Loan-to-Actual Cash” Basis
- Concentration of Micro-Apartments
RPC closed on $10,600,000 in financing for the construction of a 51-unit mixed-use apartment building located in the Old City neighborhood of Philadelphia, PA. The loan carries an initial 27-month construction period at LIBOR plus 300 basis points, followed by a five-year fixed rate loan option at a competitive rate. The loan was underwritten at 80% of project cost and 75% of the “as-stabilized” value, and came out to 81.5% “loan-to-actual cash” basis.