Project Description

Multi-Family Residential – Austin, TX

  • Status: Performing
  • Position: First Lien
  • Loan Type: Acquisition / Rehab
  • Current Loan Balance: $9,550,171
  • Fully Committed Loan Amount: $9,615,000
  • Appraised Value: $12,820,373
  • Loan to Value Ratio: 75.0%
  • Current Interest Rate: 8.35%
  • Interest Rate Index: WSJP + 4.60%
  • Interest Rate Floor: 8.35%
  • Origination Date: December 11, 2019
  • Maturity Date: June 1, 2021
  • Term: 17 months
  • % of Portfolio: 12.3%

Plaza 38 is a 48-unit apartment complex located in the Hyde Park neighborhood of Austin, Texas. The borrower will complete approximately $440,000 in renovations, and refinance with a traditional lender once renovations are complete. As of the most recent inspection on January 13th, the renovations were estimated at 81% complete. The property is currently 65% occupied.