Real estate banking firm G.S. Wilcox & Co. recently announced it secured a $43 million loan for a newly constructed, 270-unit apartment complex in New Windsor, New York.
Wilcox President Gretchen Wilcox and Principal Al Raymond secured the financing on behalf of the developer.
“The $43.4 million loan was provided by an insurance company which locked the rate early and funded upon breakeven during the lease up phase,” G.S. Wilcox said in a news release. “At 90 percent loan to cost, the loan has a 15-year maturity based on a 30-year amortization with an initial two-year interest only period.”
In late 2016, the firm also secured $31.25 million in financing for another 160-unit complex in Orange County by the same developer.
The apartment complex is made up of one- and two-bedroom units. Resident amenities include an outdoor heated swimming pool, sun deck, clubhouse with fitness center and a business center.