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The BSC Group Closed a $7.5 Million Construction Loan for a New York Based Family Office Sponsor
Posted 5/15/2019
 
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The BSC Group recently closed a $7.5 million construction mini-perm loan for a New York based family office sponsor. The 60 percent loan to cost (LTC) financing package was structured with 48 months of interest only payments followed by three years of amortization on a 25 year schedule. This loan was aggressively priced and features a unique structure whereby the spread over Libor declines during the term of the loan as economic hurdles are met during lease up. In addition, once the certificate of occupancy is obtained the sponsor's recourse will be limited to 25 percent and will "burn off” entirely as economic and leasing thresholds are satisfied. The loan proceeds will be used to construct a state-of-the-art self-storage facility encompassing approximately 91,000 net rentable square feet of storage and more than 950 units in Bethpage, New York.

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