LFB was approached by a client looking for construction financing to refinance an existing land loan, and build a Mediterranean-style luxury mid-rise condominium project in the community of San Mateo, CA. The subject property is a proposed 15-unit residential condominium development designed as a 4-story wood and steel frame over concrete podium building with a unit mix comprised of one, two and three bedroom units. The condo units range in size from 881 to 1,832 square feet and will be priced in the low $1 millions to low $2 millions.
The construction loan offered a stretch senior facility that required no further equity from our borrower, retired the existing land loan and provided all construction financing and interest reserve for the project build out.
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