--- title: Commercial Loans and Fun Blog | apartment construction loan description: apartment construction loan | George Blackburne, owner, offers insight into the commercial loans and mortgage industry in this Commercial Real Estate Loan Tips blog. --- [![c-loans-logo-2025](https://info.c-loans.com/hs-fs/hubfs/images/c-loans-logo-2025.png?width=183&height=86&name=c-loans-logo-2025.png)](https://c-loans.com) [Terms of Use](https://www.c-loans.com/terms-of-use) | [Disclaimer](https://www.c-loans.com/disclaimer) | [Blog](https://info.c-loans.com/) # Commercial Loans and Fun Blog ## [Big Apartment Construction Loan Just Closed](https://info.c-loans.com/bid/53728/Big-Apartment-Construction-Loan-Just-Closed) Posted by [George Blackburne](https://info.c-loans.com/author/george-blackburne) on Thu, Jan 6, 2011 - [Tweet](https://twitter.com/share) *Investment Banker Announces Closing of $20.6 Million Deal* There are so few large commercial construction loans that are closing nowadays that a recent closing of a $20.6 million apartment construction loan actually warrants a mention in our blog. The loan was closed by a large regional bank. The project was a planned 125-unit apartment complex in Studio City, California. The project will be a mix of one-, two- and three-bedroom market rate apartments. Onsite amenities include a swimming pool and sun deck, tennis courts, and a clubhouse. The construction loan, which represents 72 percent of the total development cost carries an interest rate of Libor + 2.75% with no floor, so the current interest rate is approximately 3.0%. The mortgage banker that originated this loan sent an announcement of the closing to thousands of real estate brokers and finance executives. Such a closing announcement is called a ***tombstone***. The typical tombstone will contain the contact information of the mortgage company originating the deal, in hopes of generating more leads. --- Do you need a commercial construction loan right now? You can submit your mini-app to 750 different commercial lenders in just four minutes using [**C-Loans.com**](http://www.c-loans.com/). And C-Loans is *free!* 1 Comment [Click here to read/write comments](https://info.c-loans.com/bid/53728/Big-Apartment-Construction-Loan-Just-Closed#comments-listing) Topics: [commercial construction loan](https://info.c-loans.com/topic/commercial-construction-loan), [apartment construction loan](https://info.c-loans.com/topic/apartment-construction-loan) [All posts](https://info.c-loans.com/all) ### George Blackburne III Owner of C-Loans, Inc. ![George Blackburne III C-Loans Owner](https://info.c-loans.com/hs-fs/hubfs/George%20Head%20Shot%20Small%205%20by%207%20copy.jpg?width=158&name=George%20Head%20Shot%20Small%205%20by%207%20copy.jpg) ### Subscribe via E-mail ### Connect with C-Loans ## [![Get the Latest Scoop on C-Loans Inc.](https://no-cache.hubspot.com/cta/default/37671/bacfb58b-143e-40d7-b126-33c182b5b90b.png)](https://cta-redirect.hubspot.com/cta/redirect/37671/bacfb58b-143e-40d7-b126-33c182b5b90b) C-Loans.com® is sponsored by  C-Loans, Inc. — For more information, contact Tom Blackburne 555 University Ave., Suite 150, Sacramento, CA 95825 Telephone: (916) 338-3232 x 317 * Tom Blackburne in Indiana: (574) 210-6686 * Fax: (916) 338-2328 Real Estate Broker -- California Department of Real Estate -- License Number 01330173 Arizona Dept. of Financial Institutions – License Number 0909472 The Florida Mortgage Brokers License Number: 0708758 [Read our many client Success Stories](https://c-loans.com/mortgage-brokers-overview/success-stories/) » © 2025 C-Loans, Inc. All rights reserved.