Savannah, GA

$679,500

Multifamily

Purchase

11/07/2019
Transaction by
Navigator Private Capital
Navigator Private Capital was pleased to provide a private money loan to fund a beautiful multi-family rehab project in Savannah, Georgia. The borrower needed funding to renovate the existing six individual units with the intent to turn the property into a short-term vacation or student housing rental. Located a block from Savannah's meeting grounds at Forsyth Park, close to the Savannah College of Art and Design, the property is in a prime rental location. The LTV for the project was 58% with an after-repair value of $1.1M. The borrower used their $155K repair budget to replace the flooring throughout, update each kitchen with new cabinets, countertops and appliances and refresh the paint and trim. The loan was closed in November 2019, and the rehab took four months to complete.