$21,000,000 – Construction Loan, 144-Unit Multifamily Development, 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]