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      "text": "$54M loan commitment for the acquisition (82% LTPP)\n36-month IO loan with two 12-month extension options\nPriced at 1M LIBOR + 3.35%\nLoan is structured with $5.5M in future funding proceeds to renovate the units to provide accretive rents\nStabilized credit metrics are 67% LTV and 6.9% DY",
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      "text": "Renovation and stabilization of a 274-unit multifamily property in Phoenix, AZ\nProperty benefits from strong occupancy of 95% at closing with in-place DY of approximately 4.5%\nSponsor plans on implementing a $12k/unit renovation on average and expects to increase rents by $325/month\nSponsor is an experienced Phoenix area multifamily investor with a successful track record executing value-add business plans",
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