Deal: Donphilita Apartments
Location: Seattle, WA
Collateral: 2-story, 9-unit wood frame multifamily property which was originally constructed in 1927.
Type: Perm Fixed, 10 year balloon
Purpose: After our client spent almost 3 years meticulously renovating this little property into a beautiful icon that will stand for generations, he wanted to place long term debt on the property thereby reimbursing him the out-of-pocket cash which he had spent during the renovation. Our lender was able to accommodate, closing the loan based on an un-stabilized rent roll and appraisal with little to no financial seasoning.