Loan amount
$1,625,000
Loan type
As-Is Property Value
$2,390,000
LTV
68%
{LTV}
Property type
Multifamily (condominiums)
Borrower Details
Credit score
650
Deal experience
10 deals
This loan scenario was submitted by a Broker
Property Details
State
Michigan
Loan Details
Additional Loan Information
This portfolio includes 2 buildings with 33 units located within 20 miles SW of Detroit, MI. Our plan is to reposition the asset by pre-leasing vacated units, completing turnovers, and raising rental rents to market levels; investing in structures; renovating portfolio aesthetics; and increasing cash-flow and market value. Top-line and bottom-line growth are expected throughout our CapEx term, and are expected to be above FY2018 figures in 2020. Colliers International and BALCO Properties is providing project/construction management services, and Full House Marketing is staffing each property with leasing specialist(s) in order to take the lead on the lease-up.
Status
Closed
Created
November 16, 2019 - 2:48pm
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