Sun God Lodge

$2,700,000 Hotel-to-Multifamily Conversion Loan from Credit Union

City: Taos, NM
Loan amount: $2,700,000
Lender type: Credit Union
Property type: Hotel-to-Multifamily Conversion
Size: 38 Units

Transaction description

Jonny Soleimani and Thomas Rudinsky of PSRS arranged the $2.7 million hotel-to-multifamily conversion of a property located in Taos, New Mexico. The subject property is a value-add opportunity that the borrower is going to convert into a garden-style apartment complex. It has a proposed 38-unit conversion consisting of five single- and two-story buildings formerly utilized as a lodging facility. The buildings were built circa 1950, were remodeled approximately 30 years ago, and are currently vacant and in fair condition. The buyer is planning on refurbishing and remodeling the existing improvements. Financed with debt fund execution, PSRS provided its borrower with an 18-month interest-only loan term.




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