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Transaction Details

Redwood City, CA property
Redwood City, CA property

23 Modular Condos

$19,000,000

Redwood City, CA

23 Modular Condos

  • Project Type: 23 Modular Condos
  • LTV: 61%
  • LTC: 73%
  • Rate: 10.5%
  • Term: 24 Months
  • Guaranty: Non-Recourse

Transaction Overview

Max Benjamin Partners, Inc. (“MBP”) is proud to announce the successful closing of $19 million in construction financing for the ground-up development of a four-story, 23-unit modular condominium project in Redwood City, California. The sponsor, a locally based developer with a strong reputation and deep community roots, had encountered challenges securing financing due to the project’s size, leverage profile, and limited experience with modular construction. Recognizing the project’s inherent value and strong market fundamentals, MBP leveraged its extensive capital relationships to identify a lender aligned with the sponsor’s vision, execution strategy, and timeline. The result was a zero cash-to-close structure that not only refinanced the land acquisition but also funded the full vertical construction budget, allowing the sponsor to retain liquidity while advancing a transformative residential project in the heart of the Bay Area.

This transaction highlights MBP’s ability to deliver strategic, high-leverage financing solutions for innovative and complex developments. By combining deep market insight, disciplined underwriting, and relationship-driven execution, MBP structured a facility that met the needs of both the sponsor and the lender while advancing a project poised to contribute meaningfully to the region’s housing supply. The deal reinforces MBP’s commitment to supporting visionary developers with tailored, performance-driven capital solutions that maximize opportunity, preserve equity, and drive long-term success across California’s most dynamic submarkets.

MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.

MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.

Intermediaries Team

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