Deal Status

Active

Property Address

735 W. Garfield Blvd.

Chicago , Illinois

60621

Requested Loan Amount

4118517

Loan Term

24

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Other

Commercial Property Type

Mixed-Use

Unit Mix Multifamily

62

Unit Mix Retail

6

Number of Units

68

Current Occupancy

Vacant

Loan Type

Acquisition and Value-Add

Square Footage

43000

Renovation Cost Estimate

2700000

Renovation Description

I am raising bridge financing for my client who has a residential/retail mixed-use property under contract in Chicago, Illinois, for $950,000. The property consists of 68-units that contains six storefront units, or approximately 4,000 square feet of retail space. The remaining building comprises of residential apartment units with a unit mix of studios and one-bedroom units. The property is 100% vacant and needs approximately $2.7MM in rehab/construction financing, before lease-up ($4.2MM total loan amount will include interest reserves). However, once rehabbed, the area has enjoyed stable occupancy rates ranging between 2% to 7.8%. Once sustained, the property should enjoy cap rates below 8.00% and an estimated stabilized value of $5.3MM. The sponsor seeks a 24-month bridge loan that he will refinance upon the stabilization of the property into a long-term permanent loan.

Renovation Budget

Yes

Future Value

6400000

Future Loan to Value

66

Renos Completed

1

Contractor

No

Team Ready

Yes

Property Photos

Will additional properties be collateralized?

Yes

Borrower Entity

Not Sure

Borrower Credit Rating

Excellent

Exit Strategy Details

Refinance into a permanent loan

Additional Attachments

h

Comments

I do not know the address of the property that the sponsor will cross-collateralize. The property is a mixed-use property in Brooklyn, New York, and has approximately $1,000,000 in equity available for the subject property. Additionally, the sponsor has an excellent credit score above 800, with no blemishes to his payment history.

First Name

Jason

Last Name

Thompson

Company

Arc Advisory Co.

Role

Mortgage Broker

Location

Atlanta
Georgia
USA