Project Description
Multi-Family Residential – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition / Rehab
- Current Loan Balance: $4,037,205
- Fully Committed Loan Amount: $4,283,945
- Appraised Value: $5,711,927
- Loan to Value Ratio: 75.0%
- Current Interest Rate: 9.35%
- Interest Rate Index: Fixed
- Interest Rate Floor: n/a
- Origination Date: October 11, 2019
- Maturity Date: April 1, 2021
- Term: 17 months
- % of Portfolio: 5.2%
Romeria Place is a 36-unit apartment complex centrally located in west Austin, Texas. The borrower will complete approximately $693,000 in renovations, and then refinance with a traditional lender once complete. As of the most recent inspection on December 11, 2020, the interior renovations were roughly 94-97% complete. The property is currently 92% occupied.
