Project Description
Multi-Family Residential – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition / Rehab
- Current Loan Balance: $6,086,743
- Fully Committed Loan Amount: $6,750,000
- Appraised Value: $9,050,000
- Loan to Value Ratio: 74.6%
- Current Interest Rate: 8.35%
- Interest Rate Index: WSJP + 4.60%
- Interest Rate Floor: 8.35%
- Origination Date: December 17, 2019
- Maturity Date: July 1, 2021
- Term: 18 months
- % of Portfolio: 7.8%
Chateau at West 8th is a 30-unit apartment complex located just west of downtown Austin, Texas. Renovations are fully complete, and the borrower is working to refinance the loan with a traditional lender. The project came in under budget. The borrower completed roughly $1,061,000 in renovations. As of 2/8/21, the property was 100% occupied.
