Axcel Capital Group recently funded a multifamily construction/mini-perm loan for an adaptive reuse of a shuttered school building in the rapidly emerging Pennsport neighborhood of Philadelphia. The developer, experienced in similar projects, required a flexible financing execution to facilitate the purchase from a partnership with which the project had languished. Although approvals were in place, the Developer needed to adjust the design, ultimately leading to more efficient floor plans and enhanced value. The lender was accommodating through the review process and flexible in funding, which will allow for a project completion in time for fall occupancy.
Loan Specifics:
Construction/mini-perm – $3,400,000
LTV – 75% of “as-complete” value
Rate – Construction – Prime + 1.0%
Rate – Permanent – Index + 3.0%
Term – 72 months
Twelve months interest-only
Amortization – 25 years
Axcel Capital Group targets flawless execution of real estate and operating company financings
. Contact us at (215) 367-1675 with your financing opportunities.