An experienced Tampa investor acquired a 10-unit multifamily at $2,800,000 - 100% occupied but rents were 22% below market due to a decade of deferred maintenance and no unit upgrades.
LOAN AMOUNT
$2,240,000
Needed to close fast to beat a competing offer, then execute a $280K renovation unit-by-unit while keeping tenants in place. Needed a lender comfortable with value-add multifamily at scale.
Adler Capital closed a $2,240,000 bridge loan at 80% LTV in 14 days, with a built-in rehab reserve to fund unit upgrades as vacancies turned.
The Outcome
After 8 months of rolling upgrades, rents jumped from $1,450 avg to $1,775. Monthly NOI increased from $9,200 to $12,400. Refinanced into a long-term DSCR loan at the new stabilized value.
Deal Highlights
LOAN AMOUNT
$2,240,000
PURCHASE PRICE
$2,800,000
RENOVATION BUDGET
$280,000
LTV
80%
UNITS
10
CLOSING TIME
14 Days
More Deals
See how Adler Capital has structured financing across property types, markets, and deal sizes.
A portfolio investor acquiring their 8th rental found a tenant-ready SFR in Kendall - $575,000 purchase, tenant already paying $4,200/month on a 12-month lease.
Turnkey newly constructed waterfront duplex in Cape Coral with private boat dock.
A deepwater canal ranch home in Las Olas with private dockage in need of full roof, seawall, and interior overhaul.
