HRC has arranged a $14.5 million in non-recourse acquisition/bridge financing for the 148-unit multi-family, representing 80% of total cost. The interest rate on the initial funding was fixed at a spread over the 5-year treasury. Reserve accounts were established for renovation and capital improvement costs; as reserve funds are drawn they will accrue interest at a competitive spread over LIBOR. The loan features an attractive prepayment option that allows the sponsor to sell or refinance after 24 months with minimal exit costs. The property consisted of gated-entry, multifamily complex with a pool, two laundry facilities, and outdoor recreation area.