Loan Amount: $480,000
Property Type: Apartment Loan
Loan Type: Mini Perm – recourse
Loan Term: 7-years
Hale Street Apartments
This is a 1031 Exchange transaction with a California buyer, a Kansas Property with an out of town lender. The $480,000 loan was just under 80% loan to purchase with a 7-year term, 25-year amortization, ½ point charged by the lender, no outside legal fees. This lender does not collect for replacement reserves, and has no prepayment penalty.