Success Story:Debt reposition of a multi-family dwelling

Pacific Bay Financial Corporation reviewed and advised our client for a ten year fixed product for debt reposition of a multi-family dwelling. The property was a Single Residence Occupancy (SRO) one and one-half years ago, but has since undergone renovation and upgrade and presently the subject property is technically a multi-family dwelling. The loan request was for $12,875,000.

The property has seen an extensive rehabilitation in the last 5 years including a complete rebuild of floors 10 through 12 which were formally gutted upon acquisition, the complete remodel of over 30 units, and a comprehensive restoration of the common areas, as well as the addition of the partial addition of the 13th floor penthouse unit, with a total budgeted cost of over $3.5 million.

Total Units is 165 with a unit mix of

1: Penthouse Suite

4: one bedroom / one bath &

160: studios