The loan amount totals $1.65 million at a 7% fixed rate for 10 years, with rate resets thereafter and 30-year amortization, according to CPC mortgage officer Victor S. Brown. It marks the third successful transaction CPC has done on behalf of the borrowers.
The new owners have completed extensive renovations on the individual properties, including interior and exterior upgrades. CPC's financial package covers both the rehab and the acquisition costs of the properties.
NOT FOR REPRINT
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.