A repeat sponsor approached LFB with a new financing request for their 52-unit affordable single-family project in Valley Center, CA. These 52 units represented the affordability component of a 623-unit master planned community in northeast San Diego County. Construction was already underway, but the sponsors were on a tight time frame to deliver the units. They needed to switch gears and find a lender who could quickly fund the remainder of the project costs without having to phase the financing.
LFB Ventures was able to provide the sponsors with a $15,195,048 loan to retire the existing construction debt and fund the remaining construction costs for all 52 homes. LFB was also able to navigate complex title issues and even negotiated a subordination agreement with a current junior lender.
The project will offer 3 bed/2.5 bath units with an average home size of 1,450 square feet. The units will be offered to new owners who qualify at 80%-120% of the area median income. The sponsor’s outstanding track record and experience, coupled with the strength of the market and the need for affordable housing in San Diego made this loan request an ideal 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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