Mixed Use
Development :
Coeur d’Alene, ID
Mixed Use Development Takeout Loan – Residential Condo Tower / Office & Retail
Total Loans: $12,275,000
Challenge:
To help guide the borrowers in marketing/pricing to complete the sales of 12 remaining high-end condominium units; and to obtain competitve, 10-year fixed-rate, permanent financing for the mixed use retail & office on floors 1 thru 5 of the 20 story tower located in a tertiary market at a time that was a midway point in the economic recovery cycle.
Solution:
Assets America® used its funding sources, and processing, underwriting and packaging expertise to secure the combined $12.275 Million in commercial mortgage loans at very favorable rates designed and customized specifically for the sponsor’s very unique requirements. The final execution resulted in 1st, 2nd and 3rd Deeds of Trust in order to accommodate all funds required to satisfy the new lender, the existing construction lender and the original contractor.