2022WA10707MFR
Note ID
16,212 SqFt
Size
24
Bedrooms
18
Bathrooms
Description
This is the A piece of a 1st position, senior loan. The B piece of this loan (approx. 10% of the total loan) will be the 1st to lose principal if principal loss was to occur.
This is a medium rehab on a multifamily apartment complex similar to other projects the sponsor has acquired, renovated and refinanced in the past. The client over budgeted for the rehab as they did not need to incur costs for the roofing and other exterior projects. They are leasing two additional units by end of September and will be beginning the refinance process.
Address
Address: 10707 Des Moines Memorial Dr S, Seattle, WA
- Country: United States
- Province / State: Washington
- Postal code / ZIP: 98168
- Note ID 2022WA10707MFR
- Price Note Size: $2,125,000
- Property Type Apartment / Multifamily
- Property status >$100K Remaining
- Bedrooms 24
- Bathrooms 18
- Year Built 2007
- Size 16,212 SqFt
- Land area 27,000 SqFt
- Label Protected Note
- Note Type Fix & Rent
- Whole Note - Annual Yield (%) N/A
- Participation - Annual Yield (%) 8.0%
- Loan Maturity Date (MM/DD/YY) 06/10/24
- Property Current Value ($) $3,325,000
- Property Construction Budget ($) $563,542
- Property After Repair Value ($) $4,350,000
- Loan to Current Value (%) 69.81%
- Loan to After Repair Value (%) 66.32%
- Invest - Participation Agreement Coming Soon.