Project Description

Construction – Saint Louis, MO

  • Status: Performing
  • Position: First Lien
  • Loan Type: Construction
  • Current Loan Balance: $8,819,515
  • Fully Committed Loan Amount: $10,530,000
  • Appraised Value: $15,303,000
  • Loan to Value Ratio: 68.8%
  • Current Interest Rate: 8.25%
  • Interest Rate Index: Fixed
  • Interest Rate Floor: n/a
  • Origination Date: March 11, 2020
  • Maturity Date: April 1, 2022
  • Term: 24 months
  • % of Portfolio: 11.3%

The subject loan was for Phase II of a multi-family development which consisted of a four- story apartment building with 41 studio units and 70 one-bedroom units totaling 83,148 square feet (67,039 net rentable square feet). It is located in the Grove District of St. Louis which is considered one of the hottest areas for restaurants, bars and multifamily residences in the city. The project is 100% complete. This loan was paid off in full in Q1 2021.