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.
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