Severn was able to close a $7.7 million Construction/Permanent Loan for a substantially pre-leased 33,000 SF retail center with national credit tenants. We locked in the borrower’s rate closing for a full 10 years, including the construction term and without requiring a SWAP. This eliminated the long term interest rate risk our customer would have otherwise faced.
Severn was able to fulfill a customer’s need for a construction loan for 4 new townhouse units in the Fells Point area of Baltimore, freeing up the customer’s capital for investment in another property.