Project Description
Multi-Family Residential – Austin, TX
- Status: Performing
- Position: First Lien
- Loan Type: Acquisition / Rehab
- Current Loan Balance: $6,517,996
- Fully Committed Loan Amount: $7,194,000
- Appraised Value: $10,685,929
- Loan to Value Ratio: 67.3%
- Current Interest Rate: 8.35%
- Interest Rate Index: WSJP + 4.60%
- Interest Rate Floor: 8.35%
- Origination Date: November 21, 2019
- Maturity Date: June 1, 2021
- Term: 18 months
- % of Portfolio: 8.4%
The Highlander is a 50-unit apartment complex located in central Austin, Texas. The borrower will complete approximately $1,148,400 in renovations. After renovations are complete, borrower will refinance with a traditional lender. The property is currently 88% occupied. As of January 13th, the interior renovations were estimated to be 95-97% complete.
