The Philipsborn Company has completed first mortgage financing of $750,000 for the 59-unit Ravine Apartments complex in Peoria.
The property is situated on 5.88 acres located along West Gift Street and consists of nine two-story duplex buildings. Featured are six 500-square-foot one bedroom units with a bath; 40 730-square-foot two bedrooms, two baths; and 885-square-foot three bedroom, two-bath units. Amenities include combination oven-ranges, refrigerators, combination patio balconies, and individual furnaces with air condition units.
All the buildings in the 43-year-old complex consist of reinforced concrete foundations, frame construction, a variety of siding material and pitched roofs with asphalt shingles.
Philipsborn Vice President David Kubert structured and negotiated the 15-year fixed rate debt transaction on behalf of all parties. Financing was provided by the Federal National Mortgage Association through its correspondent Alliant Capital with whom Philipsborn has originated previous first mortgage loans. The borrower is a limited liability company.
