Barry Slatt Mortgage Company Vice President Nick West and Don Scott at First Financial Bancorp have arranged a $48 Million construction loan on a 498-unit multi-family development project in a suburb of Dallas, Texas. The lake-front project includes two 4-story residential buildings, a club house, and two attached parking structures, which allow residents to park on the same floor as their units.
The construction loan has a term of 27.5 years, including 2.5 years of interest-only followed by 25 years of amortization. The interest rate floats over the prime rate for the entire term. The loan is open to prepay without charge, and recourse is reduced when the property achieves stabilization.
The Dallas-based developer has financed most of its projects through HUD-FHA. Barry Slatt and First Financial Bancorp introduced the client to a Texas bank that recently financed another multi-family project in the same submarket.