The $45,900,000 fixed-rate mortgage carries a 7.12% interest rate, a 50.4% LTV, a 1.98x DSCR, and defeasance-based prepayment provisions.
Leverage profile
Loan amount$45.90M50.4% of offering · 50.4% LTV
Offering equity$45.19M49.6% of offering
Loan Amount
$45,900,000
Term
—
Interest Rate
7.12%
Fixed / Variable
Fixed
Prepayment Penalty
The Loan is expected to be locked out to prepayment for the lesser of (i) four (4) years and (ii) two (2) years from securitization with defeasance thereafter and a three (3) month open prepayment period prior to maturity.
DSCR
1.98x
Acquisition LTV
50.4%
Offering LTV
50.4%
Strengths
- Fixed interest rate eliminates rate variability
- Strong initial DSCR of 1.98x at a moderate 50.4% LTV
Concerns
- Fixed borrowing cost is 7.12%
- Loan is subject to lockout and defeasance prepayment restrictions