Multifamily Value-Add Loan – Elizabeth, NJ
Borrowers, and the commercial real estate brokers who represent them, choose financing options for lots of reasons–low interest rates, favorable terms, and more. But perhaps the most important thing that a real estate financing partner provides is certainty. That’s Lima One Capital’s specialty, and it shone through in this value-add multifamily deal.
In this deal, a commercial real estate broker based in New York approached Lima One to obtain financing for their client for two multifamily properties in New Jersey. Built in 1938 and 1950, both properties needed renovations and upgrades.
This investor planned to update bathrooms, kitchens, electrical boxes, and flooring at one property. In the other, they planned to update the kitchen and bathrooms, paint the interior, add new flooring, and install a new HVAC system in the other property.
With Lima One’s help, this broker was able to help their client get the funding they needed to make the necessary upgrades to both properties.
It was great to work with Lima One! We have many more deals to come.
Multifamily Bridge Loan By the Numbers
- Loan Purpose: Purchase and Value-Add Rehab
- 66 total units across two properties
- Loan Amount: $5.9 million
- Loan-to-After-Repair-Value Leverage: 70%
- After-Repair Value: $8.5 million
- Construction Budget: $490K
- Loan Term: 2 years