RCA Secures $2,550,000 Long-Term Financing on Student Apartment Portfolio in Philadelphia
PHILADELPHIA, PA, February 23, 2016 – Rittenhouse Capital Advisors announced today that it provided long term fixed financing on 3 buildings consisting of 19 student housing apartment units in University City, Philadelphia, PA.
The loan was funded in the amount of $2,550,000. The financing provided was at 75% loan-to-value and was structured as a 10-year term with an interest rate of 3.5% for the first 5 years. The loan was a cash out refinancing. Repayment is based on a 30-year amortization. The loan also offered a flexible step down prepayment penalty.
George Johnson, President and CEO of Rittenhouse Capital Advisors, stated: “This loan was a strong execution for our client who had developed this multi building student housing portfolio over the last few years. The structure that Rittenhouse Capital delivered allowed for the developer to lock in at a great interest rate and recoup significant equity which they can now deploy on other projects to further grow their portfolio.”