This transaction was a bridge loan to finance the acquisition of a 4-unit, coastal project. The otherwise expedited closing took a bit longer than expected owing to a short delay with the final inspection and City sign off, among other project related issues. In the end, however, the buyers closed on this excellent multi-family opportunity utilizing Seattle Funding Group’s favorably priced bridge financing. Once leased and stabilized, they’ll conventionally refinance the project, though they also have the option of selling individual condominium units at a later date since the parcel map has already been recorded.
Located at La Jolla’s Windansea Beach, this new, four-level project has high quality finishes, enjoys ocean views and a premier location. Built and designed as luxury condominiums with large entertainment decks, an elevator, and individual underground garages. The buyers elected to purchase and operate the property as high level multi-family, including a mix of traditional leases, executive and vacation rentals. Given today’s CAP rates in core coastal locations, the math worked in spite of the elevated purchase price per unit and the original design intent.
A review of the Successes posted to SFG’s Deal Gallery will reveal a great many closings on “A” properties in core locations throughout the West. Add to that a plethora of repeat clients with deep experience and excellent track records, including the 11 time repeat borrowers in this case, and it becomes clear why Seattle Funding Group has been and remains a proven industry leader in bridge and construction financing…for 28 years and counting.
