|DATE OF FUNDING||10/3/13|
|APPRAISED VALUE||$5,200,000 as-is
|GROSS LOAN AMOUNT||$3,190,000|
|LOAN TO VALUE||61.4%|
|DEBT COVERAGE RATIO||1.53x|
$3,190,000 FOR THE PURCHASE
OF AN APARTMENT BUILDING IN ATLANTA, GA
The borrower sought $3,190,000 to complete the purchase and renovation of the property located on Bouldercrest Ln SE, Atlanta, GA. The property is a 438-unit garden-style apartment property built in 1970. It is situated on a 34 acre site. At funding time the property was 36% occupied. The borrower purchased the property for $6.2 million and intends to invest an additional $2.4 million renovating the property, including repairing the estimated 209 down units. The borrower has estimated the renovations will be completed and the property will achieve stabilization by March 2015.
The loan represents a basis of $7,283 per unit, or $8.49 per net rentable square foot.