The non-recourse mortgage loan features a 10-year term based on a 30-year amortization schedule. The details of the transaction include a 75% loan-to-value, 78% loan-to-cost and 1.20 debt-service coverage ratio.
Hidden Lane Apartments is located at 612 Garrison Rd. The apartment complex contains a total of 77-units housed within one four-story building, two two-story buildings and two three-story buildings situated on 6.08 acres. The class B, garden-style multifamily property was built in 1967 and recentlyrenovated. The unit mix consists of efficiencies, one-bedroom units and two-bedroom units each with one bath as well as two-bedroom units with two baths.
Amenities include an in-ground pool, carports and parking garages.
Wexford Bancgroup is a direct lender that offers debt and equity programs for multifamily and commercial real estate properties located throughout the US.
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