HomeMy WebLinkAboutSolomon Towers PGIM Letter of Intent
Alex Viorst
Principal
PGIM Real Estate
4350 North Fairfax Drive, Suite 700
Arlington, VA 22203
Cell 202.361.6713
alex.viorst@pgim.com
July 31, 2024
Mr. Scott Coggins
Vice President
Ulysses Development Group
210 University Blvd, Suite 460
Denver, CO 80206
Dear Mr. Coggins:
PGIM Real Estate Agency Financing, LLC (PREAF) is pleased to offer this Letter of Intent for the proposed
construction and permanent financing of Solomon Towers utilizing the FHA 221(d)(4) loan product. This
LOI is intended to advise all interested parties that PREAF, in its capacity as an FHA lender, intends to
secure an FHA loan for this multifamily property.
Specific transaction terms are as follows:
FHA Mortgage Insurance Program: Section 221(d)(4) SR of the National Housing Act
Property Name: Solomon Towers
Property Address: 15 Castle Street, Wilmington, NC 28401
Proposed Loan Amount: $6,188,600. The final loan amount will not be set until
the interest rate is locked.
Current Estimated Interest Rate: 5.90% Loan Term and Amortization Period: Forty years + construction. PREAF Financing Fee: 1.00% of the Loan Amount. FHA Fees: 0.80% of the Loan Amount
FHA Mortgage Insurance Premium: 0.25% of the Loan Amount Estimated Legal Fees: $60,000 at Initial Closing + $12,500 at Final Endorsement Federal Labor Standards: The general contractor and all subcontractors are required to comply with federal wage and reporting requirements, including the payment of Davis Bacon prevailing wages and the submission of weekly certified payroll reports.
Solomon Towers – Wilmington, NC
PGIM RE Loan Proposal
1
Construction Escrows: Various construction loan escrows, including but not limited to, Operating Deficit, Working Capital, and Offsite may be required to be established at Closing.
Building Permits: Unconditional building permits for the proposed improvements will be required at Closing.
PGIM Real Estate Agency Financing, LLC
By: Name: Alex Viorst Title: Principal