The property is encumbered by an $18,950,000 fixed-rate loan at 3.91% maturing on August 1, 2031. The loan provides interest-only payments until September 1, 2025, after which it amortizes on a 30-year schedule, currently maintaining a 2.1x DSCR.
Leverage profile
Loan amount$18.95M50.0% of offering · 50% LTV
Offering equity$18.95M50.0% of offering
Loan Amount
$18,950,000
Term
Interest only payments until September 1, 2025 and thereafter, interest and principal payments on a 30-year amortization schedule for the remainder of the Loan term, and (iii) has a maturity date of August 1, 2031
Interest Rate
3.91%
Fixed / Variable
Fixed rate
Prepayment Penalty
8+ years of term remaining / 2+ years of interest-only remaining
DSCR
2.1x
Acquisition LTV
50%
Offering LTV
50%
Strengths
- Low 3.91% fixed interest rate
- Strong 2.1x debt service coverage ratio
- Maturity extended to August 1, 2031
Concerns
- Interest-only period ends September 1, 2025
- 30-year amortization schedule increases debt service requirements post-2025