Condo Construction Loan in Philadelphia, PA
The sponsor had previously developed six of these nine high-end condo units in the Rittenhouse Square neighborhood of Philadelphia. The development began in 2017, while the sponsor was simultaneously working on another boutique condo development nearby that saw all of its units sold out pre-construction. The developer-focused their attention on the completion of the sold-out project prior to beginning construction on the remaining units for this property.
The sponsor was seeking financing to fully finish work on the remaining condo unit which they intend to sell. Broadmark’s loan was used to pay off an existing note of $200,000, establish a construction reserve of $900,000, and fully fund the interest reserve – with no additional equity required from the borrower at closing.
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