SOURCE: Rittenhouse Capital Advisors

Rittenhouse Capital Advisors

April 08, 2015 15:00 ET

Rittenhouse Capital Advisors Arranges Acquisition Financing & Renovation Loan for 92 Units Near University of Pennsylvania

PHILADELPHIA, PA--(Marketwired - April 08, 2015) - Rittenhouse Capital Advisors, based in Philadelphia, PA, announced today that they placed the debt on an acquisition and renovation loan in the amount of $6,100,000 on a 2-building, 92 unit apartment complex situated on the west end of the campus of the University of Pennsylvania.

The two buildings, located on the same block, are vintage 1930's construction and will be upgraded to cater towards the ever growing undergraduate, postgraduate and work-force population in the area. Subject property offers a mix of studio, one-bedroom and two-bedroom units and will receive upgrades throughout including: kitchens, appliances, bathrooms and central HVAC.

The unique financing structure included funding on 80% of the acquisition price and 100% of the renovation costs. Repayment is structured with the first 18 months on an interest only basis followed by principal and interest payments based on a 30 year amortization. The interest-rate is fixed for 5-years at 3.35% and the guarantee was structured with a "burn off" provision. Prepayment provision is a step-down. 

George Johnson, President and CEO of Rittenhouse Capital Advisors, stated, "We are thrilled to deliver a compelling financing structure to our client which provides the best of all worlds: high leverage, along with a low fixed interest rate (3.35%), and an interest only period that will help transition the value-add project to the next level."

Rittenhouse Capital Advisors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate assets, including but not limited to: multifamily, student housing, industrial, retail, and healthcare throughout the United States.

www.RittenhouseCapital.com

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Contact Information

  • Press Contact:
    George Johnson
    President & CEO
    215-454-2852