Orange Ave Construction Loan
Coronado, CA
$13,000,000
80% LTC construction loan for a 10-unit townhome project on Coronado, CA. As Coronado is built-out, and few housing projects have been developed there recently, maximizing leverage required careful coordination with the lender to show the value of newly constructed, merchant-built homes.
West Morena
San Diego, CA
$12,000,000
Existing commercial property San Diego, CA acquired in anticipation of developing a 202-unit multifamily project. Loan went from underwriting to close in fewer than 30 days and carried a DCR of 0.5.
The Lamont
Pacific Beach, CA
$14,000,000
Permanent loan to refinance construction debt. Loan size significantly exceeded the total project costs and thus enabled a complete return of investor equity plus profit taking. Loan funded at 50% occupancy
Grand Apartments
Pacific Beach, CA
$11,700,000
Construction-to-perm loan at 70% LTC with rate-lock achieved at LOI. This loan was funded 9 months before permit issuance and the sponsor was only required to contribute 33% of its portion at closing with the remainder being due on commencement of construction.
Jewell Apartments
Pacific Beach, CA
$5,600,000
Construction-to-perm loan at 70% LTC with rate-lock achieved at LOI. This loan was funded 4 months prior to permits and the sponsor was only required to contribute 40% of its portion at closing with the remainder being due on commencement of construction.
Social Security Building
Merced, CA
$3,800,000
Construction-to-perm loan for office space. The loan was obtained to modify a former PG&E building to suit the needs of the Social Security Administration. The selected lender expeditiously completed the transaction so that the developer could adhere to strict timing requirements contained in the lease.
Industrial Acquisition
Sparks, NV
$2,000,000
Acquisition loan. An investment group identified an existing music-related business opportunity and industrial facility it desired to acquire. After analysis and structuring of the transaction, a SBA 504 loan was obtained which allowed both the business and real estate to be acquired at 90% LTC. Because of the nature of the loan, extensive coordination between the borrowers, the SBA, the CDC and a local bank was required ahead of closing.
Orange Avenue Townhomes
Coronado, CA
$5,3000,000
Acquisition loan at 72% LTV with rate locked at LOI and no prepayment penalty. This loan was for the acquisition of existing units which the borrower intended to demolish develop develop townhomes in their place. It closed within 30 days of of the LOI with a DCR less than 1.0 on in-place rents.