Savannah, GA

$679,500

Multifamily

Purchase

11/07/2019
Transaction by
Navigator Private Capital
Navigator Private Capital was pleased to fund this beautiful multi-family rehab located a block from Savannah's meeting grounds at Forsyth Park. 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 rental. Close to the Savannah College of Art and Design, the house 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 2019, and the rehab took four months to complete.