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