$12.65 Million | Multifamily
- Loan Amount: $12,645,000
- Loan Term: 24 Months
- LTV: 70%
• The 100,000 square-foot, 174-unit multifamily complex had to follow specific redevelopment guidelines in order to take advantage of the city’s tax abatement program.
• This vacant apartment complex was in disrepair and needed a total gut renovation. The plan included adding a concierge lobby, two new elevators, meeting space and a 1,400 square-foot gym within an atrium connecting the buildings.
• Multi-phase business plan required extensive work on the property.
• Money360 provided certainty of execution for our borrower.
• As part of a regeneration initiative, the city was motivated to financially assist with the building renovations in the form of tax abatements.
• We structured this deal as a 36-month bridge loan with two 12-month extension options that provided the necessary funds in terms beneficial for our borrower.
Money360 can create custom bridge loan solutions to finance transitional or unstabilized properties throughout the United States.
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