The property is financed with a $19,298,000 fixed-rate loan at 9.11% for 10 years. The facility maintains a 2.00x DSCR, an offering LTV of 46.09%, and contains yield maintenance and defeasance provisions.
Leverage profile
Loan amount$19.30M46.1% of offering · 55.62% LTV
Offering equity$22.57M53.9% of offering
Loan Amount
$19,298,000
Term
Approximately 10 years
Interest Rate
9.11%
Fixed / Variable
Fixed
Prepayment Penalty
Greater of yield maintenance amount or 1% of the then outstanding principal balance; 1% of principal if prepaid between June 1, 2035 and September 1, 2035; no prepayment premium on or after September 1, 2035; lockout to prepayment after securitization with defeasance option after two-year lockout
DSCR
2.00x
Acquisition LTV
55.62%
Offering LTV
46.09%
Strengths
- Moderate offering LTV of 46.09%
- Healthy 2.00x initial debt service coverage ratio
Concerns
- Elevated fixed interest rate of 9.11%
- Stringent defeasance and yield maintenance exit penalties