009 Capital Arranges $47.75MM Construction Loan for Apartment Project in Phoenix
Added: (Sun Mar 10 2024)
Pressbox (Press Release) -
009 Capital arranged a $47,750,000 construction loan (Non-recourse, with standard bad boy carveouts) for the development of an apartment project located in Phoenix, Arizona. The project will feature 236 units across 11 buildings. This Class A property will feature a mix of studios, one, and two-bedroom units averaging 800 square feet. The project is set to break ground immediately and is slated for completion in mid-2024. 009 Capital was able to arrange a 8.7% interest rate that provided leverage at 85% LTC and 75% Loan to Stabilized Value. The construction loan has an initial term of 4 years, with two extension options, and capitalizes the project’s development budget through its lease-up upon commencement of operations.
The financing was arranged by the team at 009 Capital, led by Brandon Perrilliat, CEO of 009 Capital LLC. 009 Capital is one of the country's fastest growing independent private lending firms.