Prescient Capital recently closed a $1.75 million loan to help a borrower wrap construction of a multifamily property near Cincinnati. The loan was secured by several apartment properties in Milwaukee.
The borrower’s goal is to use the proceeds from Prescient Capital’s loan to complete the final stages of construction on a riverfront, condo-grade 76-unit multifamily property near Cincinnati. Prescient provided the $1.75 million loan secured by a first-position lien on multiple apartment buildings totaling 132 units in Milwaukee.
These units had an estimated value of $4.632 million. The 132 units produced a net operating income of $261,981, resulting in a 15 percent debt yield.
In addition to the primary collateral, Prescient Capital secured a second-position lien on an additional 39-unit apartment building in Milwaukee and a pledge of equity in the borrower’s development near Cincinnati with more than $14.285 million in equity.
