LFB Ventures was engaged by a client to structure the refinance of an existing loan which had matured, along with the request to provide additional proceeds to complete the hotel to multifamily conversion. The original property was a business center hotel offering both short and long term stay options, with ground floor retail and restaurant space. The proposed, renovated building will provide 154-units of Class A apartments, along with office and ground floor retail.
The term of the loan was for 18 months with extensions to provide enough runway to lease and stabilize the asset. LFB also took a role in the financing of this asset as a preferred equity investor, and has been exclusively engaged to complete the permanent financing once ready.
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