Ribbon Factory Lofts

Summary

The transaction includes a $10,370,000 ($136,447/unit) non-recourse, first mortgage loan secured by a 76-unit, mid-rise apartment complex, Ribbon Factory Lofts, located in Quakertown, PA The improvements were originally constructed in 1920 as a mill building but was converted into an apartment building in 2020. The property is comprised of one, three-story residential building, situated on 1.97 acres of land. The property also contains 62 self-storage units that are currently marketed only to tenants, with future plans for opening to the public. The proposed loan will be used to refinance existing debt at the property. The loan is structured with a 10-year term, with 5-year interest only period, followed by a 30-year amortization schedule.