Four build-to-rent single-family spec homes in the fast-growing Tradition submarket of Port St. Lucie.
LOAN AMOUNT
$1,400,000
Developer required a single consolidated loan facility covering four separate parcels.
Structured a $1,400,000 master construction line with simultaneous cross-phased draw disbursements.
The Outcome
All 4 homes leased prior to final punch list completion. Rolled into a blanket DSCR portfolio loan.
Deal Highlights
LOAN AMOUNT
$1,400,000
TOTAL COST
$1,850,000
LEVERAGE
76% LTC
PROJECTED VALUE
$2,350,000
TERM
15 Months
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