Loan amount
$0
Loan type
Refinance
{Construction}
After Repair Value
$1
ARV
0%
{ARV}
Property type
Retail/Shopping Center
Borrower Details
Credit score
601
Deal experience
15 deals
This loan scenario was submitted by a Broker
Yes
Property Details
State
Virginia
Loan Details
Current mortgage balance
$0
Additional Loan Information
Bail out funding need to pay of 1st Mtg and complete construction. The Debt is over due but lender and owner are have agreed to move forward.
AS IS Value is 12M as of completion 34M appraisals done 2016 2018 10-29-2020
The subject is a proposed retail Special Use Sports Facility property totaling 214,334 SF of NRA located on a 14.69-acre site .
Some of the improvements were built in 2008 including the concessions building, gate house, storage building, and press box.
The main building (the field house with the pool) were started, but haven’t been finished.
The owner estimated the project was 60% completed. Average effective age upon completion will be 1 year.
The subject property features the Dre’ Bly Field, a regulation football turf field (already completed).
There will be a fitness center, a 200 meter indoor track, 5 indoor basketball courts, 50 yard indoor competition pool, 70 yard indoor turf field, 1,900 seat indoor grandstand, spa-quality locker rooms, Sports Medicine and Rehabilitation center, business spaces with conference rooms, and the DLH Sports Café.
The subject property has a single-tenant design that will be owner-occupied with an occupancy level of 100.0
AS IS Value is 12M as of completion 34M appraisals done 2016 2018 10-29-2020
The subject is a proposed retail Special Use Sports Facility property totaling 214,334 SF of NRA located on a 14.69-acre site .
Some of the improvements were built in 2008 including the concessions building, gate house, storage building, and press box.
The main building (the field house with the pool) were started, but haven’t been finished.
The owner estimated the project was 60% completed. Average effective age upon completion will be 1 year.
The subject property features the Dre’ Bly Field, a regulation football turf field (already completed).
There will be a fitness center, a 200 meter indoor track, 5 indoor basketball courts, 50 yard indoor competition pool, 70 yard indoor turf field, 1,900 seat indoor grandstand, spa-quality locker rooms, Sports Medicine and Rehabilitation center, business spaces with conference rooms, and the DLH Sports Café.
The subject property has a single-tenant design that will be owner-occupied with an occupancy level of 100.0
Status
Closed
Created
November 23, 2020 - 5:17pm
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