Office Redevopment | Pennsauken, NJ

Project Features:

  • $6,000,000 Construction Loan
  • 75% Loan to “As-Stabilized” Value

RPC closed on a $6,000,000 construction loan for the redevelopment of a vacant 36,700 sq. ft. office building located in Pennsauken, NJ. The sponsor obtained a 10-year lease from a major health provider for about 75% of the building, thereby enabling the financing. The 30-month loan priced at 300 basis points over 30-day LIBOR and was underwritten at 75% of the “as-stabilized” value. Despite a number of changes in the development scope and budget, RPC was able to maintain a capital structure that called for virtually no cash in by the client.