We are looking for bridge funding for a mixed-use project in Marshalltown, Iowa.
Request is for $3,500,000 and if possible but not mandatory to include points and a 6-month interest reserve. Requested loan is a 12-month interest only loan. It is basically a cash out refi to pay off existing loans, liens and taxes and to do residential and commercial condos on paper plus some construction work.
The collateral is former hospital campus of buildings with an estimated value of $7,750,000
The loan purpose is for a Mixed-Use development that has a 2-year-old appraisal at $7,500,000. Current debt to be refinanced is $2,700,000. It is a former campus on 7.2 acres with various buildings totaling 280,000 SQ feet of space. It will be converted into residences, office condo's, medical offices and restaurants. 60,000 to be demo-ed. It is a 2-block extension from downtown. It will be condo-ed into 11 parcels including 2 out lots and 9 buildings. All different use.
My client is a Developer of Commercial Income and Residential Land properties based in Colorado. The company is solely owned and operated by my client whose focus is on purchasing Commercial Office and Retail properties and converting them to Condominiums for resale. He also completes Residential In-fill projects and sells land/home packages to potential home buyers in the Denver area. The company’s main assets include 50,000 square feet of Office space currently being converted to Office Condos, an in-fill project consisting of 20 developed residential lots. Additional holdings include 130 acres of development property near Fort Collins and various land holdings throughout Colorado. The borrower is responsible for implementing Commercial and Residential development strategy on a day-to-day basis, establishing key objectives in connection with its Business Plan, and overseeing the Purchase of properties and the Sale of finished, Office & Retail Condominiums as well as the disposition of Residential, permit ready, lots.
