Summary: The Madison
Group (TMG), a leading national lending source of multifamily financing,
arranged the $6,900,000 construction loan to build a 72-unit apartment complex
in downtown Salt Lake City.
The out of state borrower requested a high loan to cost
transaction to build the apartments. The units will not have a parking garage and
are located on the transit system. They
are also considered micro- units, with sizes ranging from 248 – 1100 SF.
TMG brought a lender that was willing to give the owner a
75% LTC construction loan with a perm at completion of construction, even during
the pandemic. The repeat client is eager
to start the project while he nears completion of another project down the
street.
Location: Utah
Property: 72 Unit
apartment complex
Loan Amount: $6,900,000
Interest Rate: 5.5%
Term: 2 Years construction
with a perm at completion
LTV: 75 %