Rittenhouse Capital Advisors arranges $8,300,000 construction loan
Rittenhouse Capital Advisors recently closed on an $8,300,000 construction loan for a long-time Philadelphia residential developer. Upon completion, the new Northern Liberties property will consist of 40 apartment units, a ground-floor commercial space, and 35 off-street parking spaces.
- Loan Proceeds Funded at 80% Loan to Cost
- 24-Month Interest Only Construction Period
- 5-Year Term on Permanent Loan Upon Completion of Construction
- Interest Rate Locked at Initial Funding; Fixed for the Full 7-Year Loan Term
- 30-Year Amortization on the Permanent Loan