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Acquisition Loan

Christina Mills Apartments
Newark, DE

The Christina Mills Apartments was financed with a $20 million loan for Christina Mills Apartments by a leading private REIT. Korman Residential was the operating partner for this multi-family project.

The loan structure for the 228-unit, class A, multi-family apartment complex has a five-year interest only period followed by a 30 year amortization period. The loan represents 80% of the total acquisition amount and closed in just under 45 days.

“The opportunity to work with Korman Residential’s dynamic and experienced operations and development team was really a pleasure,” said Andrew Benioff, now founder and senior managing partner of Llenrock Group LLC.

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