Property Type: Apartments
Loan Type: Interest only period, Non-recourse
Loan Term: 10 year term
Caffrey & Company LLC has secured a $10.7 million loan through one of its life insurance correspondents for this combined student housing and multi-family housing complex. Loan features included two years interest only followed by a 30-year amortization for a 10 year, fixed rate, non-recourse loan. Proceeds paid off the construction loan with the project receiving the final certificate of occupancy only 10 days prior to closing and with less than 60 days of stabilized rental income.