MALVERN, PA — Real Property Capital (RPC) has originated a $53,781,504 first mortgage for the refinance of the remaining undeveloped residential lots and common areas of The Village at Atwater, located immediately adjacent to the new Malvern/PA-29 Interchange of the Pennsylvania Turnpike. This loan carries an interest rate of 1,150 basis points over 30-day LIBOR and was structured as a thirty-month interest only loan. The loan is non-recourse with a completion only guarantee to the sponsor and provisions for a partial return of capital to the sponsor group with the ability to reduce the project’s cost of capital by accelerating investor distributions. Yet again Spruce Law and RPC worked in tandem to affect another successful transaction for a common client. Brenner Green, president of RPC, said “The team at Spruce Law, led by Kate Sibel and Jason Sieminski, was instrumental in assisting us in putting this transaction together initially, and they took a lead role in hammering out a very advantageous deal for our client in the closing phase.” Spruce Law’s boutique firm efficiency and financing experience were leveraged to close this deal in less than 30 days from loan commitment. Atwater consists of 232 apartment units, 549 residential building lots, and up to 120,000 s/f of mixed-use commercial development. The project commenced in 2014 and has been incredibly successful, with over 100 homes sold in a little over a year of full-scale marketing. It is the fifth major development by the sponsor, RLD Land & Development since 2011, all of which have been highly successful ventures in which RLD has partnered with some of the nation’s leading homebuilders. This momentum has vaulted RLD to the position of the leading residential land development firm in the Philadelphia region.
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