The transaction includes a $11,145,500 ($56,290/unit) non-recourse, first mortgage loan secured by a 198-unit, mid-rise multifamily apartment complex, Commodore Apartments, located in Cleveland, OH. The Subject property is a single, 12-story high-rise building originally constructed in 1924 as a hotel. The building was later converted to apartments in 1964, and underwent renovations in 2008 and 2010. It features 23 studio, 142 one-bedroom, and 33 two-bedroom units. A project-based Section 8 HAP contract provides rental assistance to 144 of the units. The sponsor is using the proceeds along with Low Income Housing Tax Credit equity to facilitate a substantial rehabilitation of the property. The loan is structured with a fully amortizing 40-year term.