Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
09/12/2024
Property Type
Property City
Saint Augustine
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Construction Budget
$978,750
Construction Budget Funded
100%
Completed Value
$2,892,376
Loan-to-Completed Value
35%
Construction Project Scope
Vertical
Location Type
Suburban
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Building Square Footage
5,045
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $1,003,750 first-lien position ground-up construction loan for a single-family home in Saint Augustine, just south of Jacksonville, FL. The Borrower is an experienced builder who has closed 3 loans with us. He requested the loan shortly after the project had started. The property value was estimated to be $2,900,000 upon completion so our loan is around 35% loan-to-value. We funded 100% of the $978,750 construction budget. This new modern luxury coastal design was presented by McFarland Family Homes in the gated golf community of Palencia. The size will be 5,045 square feet of interior space. With 5 bedrooms and 5.5 baths, the home will be perfect for entertaining. The Borrower plans to sell the property as an exit strategy. The loan term was set at 12 months. This ground-up construction project was completed in September 2024.
Dealmakers
Jeremiah Wiedman
Vice President of Lending
When it comes to funding your loan, Jeremiah Wiedman will be your best friend. He looks at every opportunity objectively and excels at finding innovative solutions to quickly and efficiently close deals. He thrives on repeat business and finds his clients staying close to his side.
Prior to his role on the Sales team at Center Street Lending, Jeremiah was a top producer at 5 Arch Funding Corp, having closed 161 loans for $73MM.
Jeremiah is deep-rooted in the private lending industry having gained broad experience with Realty Shares as Associate Director of Originations and Sales Manager at Lending Club and LoopNet, Inc.
Jeremiah holds a Bachelor of Arts in Psychology from the University of Colorado, Boulder.
Jeremiah has consistently won many professional accolades and most notably ranked 1st in loan originations at Realty Shares and 1st in Quality Assurance out of all Operations in December 2014.