Parking Garage with Ground Floor Retail | Philadelphia, PA

Project Features:

  • $5,400,000 Limited-Recourse Acquisition Loan
  • 80% LTC and 75% LTV

RPC closed a $5,400,000 loan on a 205 space multi-story parking garage with ground floor retail in Center City Philadelphia. The loan carries an initial 3-year term with a 25-year amortization and a floating interest rate of 350 basis point above the one month LIBOR. It was underwritten at 80% of cost and 75% loan-to-value with limited recourse. Additionally, RPC was able to accelerate the loan process to meet the borrower’s short timeline for closing on the acquisition.