Deal Status

Active

Property Address

Tampa, Florida

Requested Loan Amount

440000

Loan to Value

70

Loan Term

24

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Refinance

Commercial Property Type

Other

Specialty Property Types

Other

Other Specialty Property Types

Transitional Housing

Number of Units

200

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

95

Loan Type

Acquisition

Square Footage

14644

Has property been located?

Yes

Preferred Closing Date

07/11/2020

Purchase Price

550000

Purchase Contribution

110000

Purchase Contribution Source

Own Cash

Loan to Cost

70

Purchase Plan

Continue Rental (property is tenant-occupied)

Property Photos

Will additional properties be collateralized?

Yes

Borrower Entity

Non-Profit Corporation

Borrower Credit Rating

Excellent

Additional Attachments

h

Comments

Our client, a Tampa, Fl. Non Profit offering transitional housing for veterans and the homeless as well as rehabilitation, life skills training, counseling, case management, adult education, employment assistance and permanent housing placement, is seeking a loan to acquire 5 properties to expand their operations. This will increase their capacity to house an additional 18 individuals as well as add a daycare that currently pays rent to the portfolio. Principal has almost 20 years experience running the organization and they programs they offer have been running at almost 100% capacity for the last 5 years, partially due to the contracts they have with the VA and other local authorities. Current assessed value of properties is $580,000. Client will cover the 20% down payment with own cash. Looking for 12-24 month bridge to acquire the properties. Debt will be serviced with added revenues from expansion, and then refinanced to term loan.

First Name

Matthias

Last Name

Mogensen

Company

Engel & Volkers

Role

Mortgage Broker

Location

Orlando
Florida
USA