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TMG arranged the $6,900,000 construction loan for Multifamily complex

Tags: Multifamily loans, Apartment construction loans, Construction to Perm, Multifamily financing
Friday, Dec 11, 2020
by Barb

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 %

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