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Construction Financing

Closed loan: $3.6M Apartment Construction Loan in Utah

Tags: Apartment financing, multifamily loans, micro unit apartment loan, no prepayment penalty
Thursday, Aug 22, 2019
by Angela Kesselman
The Madison Group (TMG), a leading national lending source of multifamily financing, arranged the $6,300,000 construction loan for an apartment building in Utah. The borrower's goals were to obtain a construction loan to build a 49 unit apartment building in downtown Salt Lake City.  This transient oriented development project consists of modern micro units.  They anticipate breaking ground immediately. TMG was able to obtain 80% LTC financing through a local credit union for an out of state builder.  

Location:  Utah
Property:  49-unit Apartment Complex
Loan Amount: $ 6,3000,000
Interest Rate:  Prime plus 2% converting to a perm at occupancy
Term:   18 months interest only  
LTC:   80%
Recourse:  None