SOURCE: Rittenhouse Capital Advisors

Rittenhouse Capital Advisors

June 23, 2015 13:16 ET

Rittenhouse Capital Advisors Secures $5,700,000 Long-Term, Fixed Rate

Debt for Garden Apartment Complex in West Chester, PA.

PHILADELPHIA, PA--(Marketwired - June 23, 2015) - Rittenhouse Capital Advisors announced today that it provided long term fixed financing on a 60 unit garden apartment complex in West Chester, PA.

The loan was funded in the amount of $5,700,000. The financing provided was at 80% loan-to-value and was structured as a 10 year term with an interest rate of 3.625% for the first 7 years. The loan offers a 3-year extension option at a predetermined spread.

Repayment is based on a 30 year amortization and the loan was structured with "burn off" recourse. The loan also offered a flexible step down prepayment penalty and required no reserves.

George Johnson, President and CEO of Rittenhouse Capital Advisors, stated: "We are pleased to be able to deliver an overall loan structure that perfectly matched our client's objectives for the property."

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