Class A Multi-Family Apartments
Location: Grand Rapids, MI
Loan Amount: $15,000,000
Term: 12 Years
Amortization: 24-month interest only followed by 10 years of forward fixed rate debt
10-Year Fixed Rate Shifts Risk Off Developer
The rate was determined and locked in prior to construction.
District Capital was able to procure a 12-year term loan which included 24- month floating rate during construction then converting to a 10 year forward fixed rate loan. The 10-year fixed rate was determined prior to construction and locked at closing shifting all interest rate risk off of the developer’s shoulders