Transaction Overview
Shahin Yazdi successfully placed the $3,455,000 acquisition loan to 65% of cost on a 59 unit brick apartment building constructed in 1917 – a 97 year old building. The 10 year term is fixed for five years a 3.65% before floating, and is amortized over 30 years. Despite general market unwillingness to lend on brick construction buildings, GSP identified a lender who was comfortable in funding brick structures while providing a great deal of flexibility in the loan structure.
