$2.6M with a 700k earn out Multi-Family Senior Apartments Loan from Bank
City: San Diego, CA
Loan amount: $2.6M with a 700k earn out
Lender type: Bank
Property type: Multi-Family Senior Apartments
Size: 15,600 SF
This 26-unit, 3-story, senior housing apartment complex is composed entirely of 1BD/1BA units and is an age-restricted complex for residents 55 and over. PSRS procured a loan, for a repeat borrower, in this 10/31 exchange deal, by helping qualifying them for an earn-out provision to avoid the costs of re-financing while simultaneously re-capitalizing with higher leverage. PSRS also found them a low fixed rate, interest only, non-recourse 30/30 loan, fixed for 5 years at about 4% with initial funding of $2,600,000, and an additional $700,000 released upon certain benchmarks. Additionally, there is also 3 years of interest only payments which is a big benefit because it increases the cash flow.
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