This transaction involved the ground-up construction of a 9-unit multifamily project in Canoga Park, a neighborhood of the City of Los Angeles at the west end of the San Fernando Valley. Well suited for the proposed project in a solid infill location, the plan included the demo of existing, economically obsolete improvements and ground-up construction of 4-stories over semi-subterranean parking.
Changing market conditions have led to a decided increase in SFG’s multifamily lending activity over the past 12 to 18-months. With many residential submarkets slowing, and the banks continuing to push away from the table on sensible CRE financing opportunities, growth in SFG’s multifamily lending is spread across a variety of programs, including responsive bridge loans, asset repositioning, construction and construction completion financing. All three SFG offices (WA, CA & AZ) have seen increased demand for our multifamily financing products, and quality requests continue to come in from throughout the core markets of the Western US.
With over 30-years of experience, a robust construction lending department and an experienced team of underwriters, Seattle Funding Group is responding to this demand and enjoying a solid year…and portfolio performance that continues to remain at record high levels.
SFG’s longevity, coupled with sensible pricing on industry leading construction programs, create a fertile environment for repeat clients, and the subject transaction is yet another example. One of the sponsors had previously referred bridge financing to SFG, and when the time came for their own, personal construction project, they made their first and only call to Seattle Funding Group for financing.
Capital at the Speed of Business…and capital managers that respond to changing market conditions and opportunities.
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