Apartment Loan Cash Out

Loan Amount: $3,000,000
Property Type: Apartment
Loan Type: Non-recourse fixed rate
Loan Term: 10-years

El Conquistador Apartments
The $3,000,000 loan allowed for the borrower to take cash out and payoff the existing first mortgage (refinance). The loan was for 10-years with a 30-year amortization at a spread of 2.15% over the 10-year US Treasury at the time of closing. The lender required partial recourse from the principals.