This looks like a construction/"mini perm", which would be a purchase....unless the entire construction period is 5 years! That would be unusual.
Assuming the condo unit is residential property, this would be a purchase.
If this is purely construction, the transaction would be non-reportable unless your bank holds to the view that no takeout means it is yours, therefore you by default have the perm.
I will be surprised if this 5 year loan is construction only.