Construction Loan with Full Term Perm
18 months of construction, 30 months interest only, then 30-year amortization for remainder of 12 year total term
Non-Recourse at Stabilization
Rate Locked at closing
4.74% fixed rate
No bonding of GC or subs
Sponsor is a well known Miami GC who is also a developer. HIs goal was to eliminate interest rate risk over a long hold. Banyan was tasked with finding a loan of at-least 10 years in term which can be fixed upfront. Loan has 30 months of interest only, which is enough time to get the property built and leased at or near stabilized occupancy.
Property will include 103 apartment units and 24 storage units, 50 garage parking spaces, surface parking and 3,500 SF of retail/office.
Michael Brown – email@example.com