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  • 96-unit complex
  • 95% occupied at closing
  • Value-add component in the form of post property upgrades which will enhance the income potential and decrease operating expenses at the subject property
  • Cap-Ex facility needed for renovations to unit interiors, exteriors, enhancements to amenities and upgrades which will increase energy efficiency and decrease operating costs
  • Structured future facilities totaling $340K
  • Sponsor is local and owns a number of multi-family assets in the market
  • Sponsor has demonstrated the ability to successfully complete business plan as evidenced by their successful renovation plan at another property within the same sub-market
  • Non-recourse
  • 5-year term plus extensions