|DATE OF FUNDING||5/1/14|
|INITIAL LOAN AMOUNT||$2,478,000|
|GROSS LOAN AMOUNT||$2,764,500|
|LOAN TO VALUE||58%|
|NET NOTE RATE||8.50%|
|TERM OF INVESTMENT||12 Months|
$2,764,500 FOR THE PURCHASE AND IMPROVEMENT OF A 344 UNIT APARTMENT COMPLEX IN ATLANTA, GA
The property spans over 26 acres with 344 units, and is comprised of a total of 86 four unit buildings made up of 2 bedroom 1 bathroom units with attractive floor plans. Extensive improvements are planned to modernize the common areas and current vacant units. ABLP participated for $1,000,000 in the total loan in the amount of $2,764,500 for the purchase of the subject property. Total project funding includes a $1,200,000 seller subordinated note and a cash investment from the borrower of $1,008,151.