Dealmaker: Eastern Mortgage Capital Funds $42M Loan in San Antonio
Eastern Mortgage Capital, Burlington, Mass. provided $41.7 million in permanent financing for Class A apartment property Broadway Lofts in downtown San Antonio, Texas.
“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.