Multifamily Value-Add Bridge
$19,600,000San Diego, CA
- RATE: 8.25% (7% UPON CO)
- TERM: 3 YEARS
- INTEREST ONLY: 30 MONTHS
- TOTAL ORIGINATION: 2.75 POINTS
- LTC: 82%
- GAURANTY: NON-RECOURSE
MBP closed on a loan for the acquisition and heavy rehabilitation of a 44-unit apartment complex in San Diego, CA. The property was initially put in escrow in March 2020 and the sponsor was able to maintain a 16-month escrow as the pandemic environment improved. The business plan is to create a premium product for the submarket, allocating over $70k/door and revitalizing the asset. MBP leveraged the sponsor’s robust experience and secure 82% LTC, non-recourse refinancing that was not subject to any appraisals.
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.
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Work with us to see what our talented team, vast network of debt and equity providers, and capital markets expertise can do for you.