$21,000,000 – 144-Unit Multifamily Construction Loan, Outer Banks, North Carolina
$21,000,000 – Ground-Up Construction Loan
77% LTC
SOFR+230
4 Years of Interest Only with 5-year non-recourse mini-perm
Bank Execution
DETAILS:
Development will include 144 rental units of workforce housing. Sponsor sought a high leverage, low interest rate execution with a structured burndown on the personal guarantee, which Banyan Commercial Capital was able to secure.
Nico Pepia – [email protected]
Michael Brown – [email protected]