» $30 Million - Multifamily Portfolio
Posted by Loan Closed
Our borrower is a large nationwide developer of student housing with a portfolio of properties that was set to be refinanced in a year end securitization. The four properties in Avatar's portfolio are new construction and did not achieve the occupancy requirement of 90% by the securitization date and were dropped. With the loans coming due at year end the borrower was facing a possible default situation. Avatar was able to underwrite and fund the transaction within 30 days and meet the year end closing deadline.
- Loan Amount: $30,000,000
- Broker's Commission: $450,000
- LTV: 70%
- Interest Rate: 8.25%
- Term: 12 months