An 8-unit garden apartment building in Hialeah with 100% occupancy and rents 30% below market.
LOAN AMOUNT
$1,900,000
Borrower needed bridge capital to fund tenant turnover, exterior painting, and new AC installations.
Adler Capital provided a $1,900,000 bridge-to-permanent commercial loan with $250,000 in renovation holdbacks.
The Outcome
Rents increased by $425/unit across 8 units. Refinanced into a permanent 30-year commercial DSCR note.
Deal Highlights
LOAN AMOUNT
$1,900,000
PURCHASE PRICE
$2,200,000
RENOVATION BUDGET
$250,000
LEVERAGE
80% LTC
STABILIZED VALUE
$3,100,000
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Three adjacent duplexes in Jacksonville's Riverside neighborhood totaling 6 leased units.
