|
San Diego Condominiums
Overview: $7,500,000 acquisition and conversion loan to purchase a 40-unit apartment building and convert to residential condominiums in San Diego, California.
Timing: Less than 30 days from term sheet to closing.
Unique Characteristics:
- Loan provides up to 80% of the funds needed to acquire the property and convert the existing apartments into entry-level, affordable condominiums.
- Financing structure provides for additional advances as various milestones are reached in the conversion process.
- The property is located in a desirable coastal neighborhood and consists of a 16,200 SF, 40-unit apartment building that includes subterranean parking spaces for 52 vehicles.
|
| |
| |
|
| 
