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Dealmaker: Eastern Mortgage Capital Funds $42M Loan in San Antonio
![](https://newslink.mba.org/wp-content/uploads/2022/07/Broadway-Lofts-Eastern-400.jpg?w=400&h=264&crop=1)
Eastern Mortgage Capital, Burlington, Mass. provided $41.7 million in permanent financing for Class A apartment property Broadway Lofts in downtown San Antonio, Texas.
![](https://newslink.mba.org/wp-content/uploads/2022/07/Broadway-Lofts-Eastern-400.jpg)
“Our 35-year amortization, 1.17 DSCR, combined with lower rates and an ability to underwrite to projected net operating income allowed us to secure the maximum proceeds available, while still maintaining long-term stability,” said EMC President Peter Panagako.
Panagako noted the package is fully non-recourse to the borrower with no carve-outs, features step-down prepayment for 10 years and no prepayment premium thereafter, and is assumable.