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.