A Worcester investor acquired a 12-unit apartment complex for $1,750,000 - 85% occupied, rents averaging $1,100/month vs market of $1,400+. Significant value-add potential with cosmetic unit upgrades.
LOAN AMOUNT
$1,312,500
Worcester is a secondary market with tighter lending standards from regional banks. Investor needed a lender familiar with secondary market multifamily and willing to underwrite to a realistic stabilized value.
Adler Capital funded $1,312,500 at 75% LTV in 25 days. Bridge loan with 12-month term structured to support the upgrade and stabilization plan.
The Outcome
9 of 12 units upgraded within 10 months. Avg rent on renovated units: $1,380. On full stabilization, property value projected at $2,400,000. DSCR refi planned.
Deal Highlights
LOAN AMOUNT
$1,312,500
PURCHASE PRICE
$1,750,000
UNITS
12
LTV
75%
CURRENT GROSS RENT
$11,220/mo
PROJECTED GROSS RENT
$16,800/mo
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