Dealmaker: Eastern Mortgage Capital Funds $6.8M Loan for Philadelphia Complex

(Image courtesy of Eastern Mortgage Capital)

Eastern Mortgage Capital, Burlington, Mass., has provided $6.79 million in permanent financing for an apartment complex in Philadelphia.

The financing package is fully non-recourse to the borrower with no carve-outs, is assumable, and includes a step-down prepayment (no yield maintenance or defeasance) that expires after 10 years

“This financing is an excellent example of how the HUD 223f program excels at taking out construction financing on new multifamily projects, in addition to being a top choice for refinancing stabilized legacy apartment complexes,” said EMC Vice President Peter Tousignant. “Despite today’s rate and credit environment, our low DSCR and longer amortization provided a cash out refinance when other lending programs would have required additional equity.”

The complex, called Wade Flats, features 37 units.