Bridge – Seattle, WA (20% Protected)

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Note Size: $2,170,030
> $1.5MM Remaining

2022WA10707MFR

Note ID

16,212 SqFt

Size

24

Bedrooms

18

Bathrooms

Description

This is a loan on a completed medium rehab of 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 Dec. 2023 and it is expected that this loan will refinance into Agency debt in Q1 or Q2 of 2024.

Aloha Capital is protecting 20% first loss on this note.

Address

Address: 10707 Des Moines Memorial Dr S, Seattle, WA
  • Country: United States
  • Province / State: Washington
  • Postal code / ZIP: 98168
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  • Note ID 2022WA10707MFR
  • Price Note Size: $2,170,030
  • Property Type Apartment / Multifamily
  • Property status > $1.5MM Remaining
  • Bedrooms 24
  • Bathrooms 18
  • Year Built 2007
  • Size 16,212 SqFt
  • Land area 27,000 SqFt
  • Label Partial Note, Protected Note
  • Note Type Fix & Rent
  • Participation - Annual Yield (%) 9.5%
  • Loan Maturity Date (MM/DD/YY) 06/10/24
  • Property Current Value ($) $3,325,000
  • Property Construction Budget ($) $563,542
  • Property After Repair Value ($) $4,350,000
  • Loan to Current Value (%) 49.89%
  • Property Rent Estimate ($) $256K Current Rent | ~$192K NOI
  • Loan Exit - DSCR (Ratio) 1.25+ at 7% Interest Rate

Supporting Documents

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Sponsor & Guarantor

Sohel S & Mihir S.

Both borrowers are high net worth individuals. Mihir is local to Seattle (location of the subject property) and Sohel is a foreign national living in Canada. The borrowing entity is formed in the US and has a US bank account. They have completed 4 projects of similar size and scope of work in Arizona and successfully refinanced their last project in Q3 of 2023.
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