Multifamily
Construction
Loan: Spokane
Multifamily Construction Loan – 79 Units
Financing Amount: $3,900,000
Challenge:
To refinance a multifamily mini-perm loan on an existing 49 multifamily units (which was sitting on one very large parcel allowing for additional units to be constructed). The sponsor also required a simultaneous multifamily construction loan to build 30 brand new multifamily units. The multifamily loan refinance and the multifamily construction loan had to be funded at the same or lower rate than the borrower was currently paying.
Solution:
Assets America® executed on a $4.0 Million, 10-year fixed with a 30 year amortization at a lower rate than the borrower currently had along with all the monies needed to construct the additional 30 multifamily units to the already seasoned 49 unit property for a total of 79 units once completed. Once the construction was finalized, the sponsor achieved close to 100% occupancy and sold the fully lease multifamily property for more than he ever could have imagined.