$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.
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