Las Cruces Multi-Family

Las Cruces Multi-Family

Location: Las Cruces, NM
Type: Apartment
Size: 438,000 square feet
Origination date: July 2007

RCG Longview provided a $527,000 DUS PlusTM  mezzanine loan subordinate to  a $5,479,000 DUSTM senior loan to finance the acquisition of a stabilized 152-unit, two-story garden style apartment community located in Las Cruces, NM. The underwritten Debt Service Coverage Ratio was 1.05x on the combined senior and mezzanine debt.  The Mezzanine loan has a term of 5 years plus floating rate extensions to potentially match the maturity of the underlying 10-year Senior DUSTM Loan provided by Fannie Mae.