North Star Lodge is a Class A, garden-style apartment community of 114 units. The 19-building complex with an additional clubhouse/leasing center is situated on 9.66 acres of land. The property was 94 percent leased at closing.
The loan was structured with a 10-year term (no interest only) with 9.5-year yield maintenance and a 30-year amortization. The loan was underwritten to a 79 percent loan-to-value with a 1.26x debt-service coverage ratio.