Deal Status

Active

Property Address

HOWELL ST , SEATTLE Washington 98101

Requested Loan Amount

$3,300,000

Loan to Value

67%

Loan Term

36 months

Lien Position

1st

Collateral Type

Commercial Property

Exit Strategy

Other

Collateral and Loan Details

Commercial Property Type

Office

Office Property Types

Office Building

Number of Units

4

Current Occupancy

Tenant Occupied

Current Occupancy Percentage

33

Loan Type

Acquisition

Square Footage

6,970

Has property been located?

Yes

Preferred Closing Date

09/10/2021

Purchase Price

$5,000,000

Purchase Contribution

$1,700,000

Purchase Contribution Source

Own Cash

Purchase Plan

Continue Rental (property is tenant-occupied)

Lot Size

0.17 acres

Will additional properties be collateralized?

No

Borrower Entity

LLC

Borrower Credit Rating

Good

Exit Strategy Details

MUP approved for 200 UNITS,

Comments

To be clear, the purchase consist of a team who is looking to add dispensary to location. So first things first, lender cant be cannabis sensitive
The price per square foot for rent is 30 and there is 6970 square feet. Currently most of it is occupied, DSCR is about 3M HM with TI added. Looking for slightly higher leverage because the dispensary will net 300K per month.
I am also brining a developer to the partnership who has entitled many properties over the year for MF. We just finished one in Lake City Seattle. 100UNITS and are selling for 50K/door. Going to do same with this one but in the meantime, place a dispensary in location to cover borrowing capital cost separate from current tenants.
They are immediately going to invest about 250K in renovations as well.
So exit it to refinance or wait until MUP and sell.

Another consideration:, partners are willing to provide upside of MUP at 20% for lending higher leverage as well. 200 units in this area selling at 70K / Door. So they are willing to take on an equity partner. The area is right next to Key Arena Seattle walk score fairly close.

First Name

Jim

Last Name

Marks

Phone Number

(425) 246-1247

Company

CAPStack Trus

Role

Mortgage Broker

Location

Seattle, Washington

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