Prime commercial real estate in the heart of vibrant Fremont.. the location does not get much better than this! With permits already in hand, the subject property is fully entitled for the construction of a 48-unit apartment building, with ground level retail/commercial space, and a subterranean parking garage.
This spectacular project was brought to us by a multi-time repeat SFG Borrower, who needed a quick close during a partner buyout. SFG was able to underwrite and close the deal in under 2 weeks, offering roughly 64% LTV, and deal certainty when there was no time to lose. The sponsor plans to take this project vertical within the next year, providing much needed inventory in a highly desirable Seattle neighborhood—future residents will enjoy easy, walking access to many restaurants, parks, and employers.
Cheers to another terrific closing!