Transaction Overview
Jonathan Lee and Adam Candler successfully arranged the $3,025,000, 100% of cost acquisition financing of the third parcel in a three-parcel assemblage. The Sponsor purchased two of the three parcels in 1998 and 2011, and entitled the two sites for a 19-unit multi-family structure. A purchase contract for a third parcel was recently executed allowing for a total of 29 units upon completion of the entitlement process. The two contiguous parcels were pledged as additional collateral to secure the 100% loan to purchase from an institutional capital provider. Fixed at 4.5%, the 18 month loan did not require an origination fee.
