One property, The Ballpark, was financed with an amount of $8 million, or $125,000 per unit, with a self-liquidating 15-year term. The permanent loan was placed with a one-year interest-only period to allow for the property's two-phase completion.
The second property, Gotham Mills, was financed with a fixed-rate construction-to-permanent loan in the amount of $6.925 million. The money will be used to convert two older industrial buildings and add three new structures, all of which will be connected into one building. The 14-month construction note will automatically convert into a 13-year, eight-month self-liquidating mortgage.
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