Property:
A 70,807 square foot, 48-unit apartment building
Assignment:
Secure permanent, fixed-rate non-recourse debt to refinance a floating rate acquisition and rehabilitation loan and payoff an unsecured line of credit.
Challenges:
High loan/unit on older property (circa 1965) with tuck under parking
Declining rent collections due to deteriorating market environment
Borrower required quick closing
Challenging financing environment
Results:
$7,840,000 (80% LTV)
Interest Rate: 5.53%
Term: 10 years
Amortization: 2 years interest only; 30-year amortization thereafter
Non-recourse
Closed loan within 30 days of signing the loan application
