{  Portsmouth, NH  }

$22,000,000

Regional Bank

LTV: 75%

Cornerstone arranged $22,000,000 in construction to permanent financing a 95-unit apartment building in Portsmouth, NH. A regional banking institution provided 82% loan-to-cost for the construction loan that was subject to a 75% as-completed LTV. The interest rate was fixed through an interest rate swap and provided the borrower with interest-only payments through construction. Upon stabilization, the borrower was able to earn out additional proceeds.