A repeat borrower approached LFB with a new financing request for their 24-unit single family townhome project in San Diego. After successful completion of the horizontal development, the sponsors were ready to retire the higher interest development loan and move on to the vertical construction phase of the project.
After adding value to the newly developed site, LFB was able to refinance the current debt and provide the sponsors with 100% of the remaining costs to complete vertical construction on all 24 units. The project will offer 3 bed/3 bath units with an average home size of 1,365 square feet and a price point of $775K per unit. The sponsor’s outstanding experience and superb track record as a developer and borrower, couple with the strength of the market, centrally located site, and affordable price point for San Diego made this loan request a very attractive candidate for LFB’s construction program. We will continue to provide high-leverage construction financing for experienced sponsors and developers on their single and multi-family projects nationwide.
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