Mixed-Use Apartment Redevelopment | Philadelphia, PA

Project Features:

  • Construction Loan Takeout
  • $35,000,000 Non-Recourse Permanent Loan

The client was is need to max out their permanent loan proceeds to retire multiple credit facilities along with the requirement that the transaction close immediately at stabilization without any seasoning for a newly constructed 161-unit mixed-use apartment complex located in the Brewerytown neighborhood of Philadelphia, PA. RPC was able to work with Lenders to offer a full-term interest-only structure enabling the higher proceed level based on interest-only debt service coverage. RPC closed $35,000,000 in refinancing with a ten-year loan that features full term interest-only at a rate of 5.50%. The loan was underwritten at 75% loan-to-value and is non-recourse.