LFB was approached by a client looking for construction financing on a mid-construction housing project in Berkeley, CA. The current loan was reaching maturity and an extension option was not available. The complexity of the deal was its mid-construction status and its rapidly approaching maturity date, while also being financed in the middle of the Covid-19 pandemic. LFB quickly identified a capital source who could step in, understand the mid-construction status and fund in a timely manner.
At time of funding, the project had completed its shoring, subterranean parking, and foundation deck. Upon funding of the new loan, our client will begin framing and topping out the building. The project is a 5-story building comprised of 37 apartment units, 3 retail spaces, and 33 underground parking stalls. The apartment units will be operated as student housing for nearby University of Berkeley. The retail will be comprised of a tutoring center, restaurant and salon.
LFB will be structing the permanent financing on behalf of our client upon completion of construction and stabilization of building.
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