ValueXpress provided a $2,200,000 loan secured by a 37-unit garden apartment complex located in Pascagoula, Mississippi. The property was constructed in 1978 with the first floor and portions of the second floor gut renovated in 2007 after the building suffered extensive damage as a result of Hurricane Katrina. The two-story complex contains six buildings and was 97% occupied at closing. The purpose of the loan was to refinance seller-provided funding that enabled the borrower to close on the purchase of the property in December 2007 to capture income tax benefits related the Hurricane. The property seller is a long-time client of ValueXpress. The 80% LTV, 10-year fixed-rate loan amortizes based on a 30-year schedule.
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