Amount: $5,000,000 • LTV: 60% • Rate: 8.25%
Property
A 6-story, 18,000+ square foot multifamily building slated for exterior work, common-area upgrades, and unit renovations.
Scenario
The sponsor was under contract on a 30-day close. The bank could not meet the date. Park 49 underwrote the asset and closed a $5 million senior acquisition bridge at 60% LTV and 8.25% in under 15 days, so the purchase closed on time and the value-add plan could start.