This bridge loan transaction involved the acquisition of multifamily units in San Diego’s trendy North Park community. Structured as a Forward Exchange, the purchase involved a regular 1031 exchange, multiple reverse exchanges, and necessitated the vesting as tenant-in-common ownership between the sponsor and the Exchange Accommodating Title Holder, the latter of which did not provide guarantees. Our thanks to the professional staff at Exeter 1031 Exchange Services of San Diego and Wyoming for their expertise and cooperation to wrap up what became an accelerated process.
The highly organized, repeat Sponsor received a 6.99% rate, and given the business plan, Seattle Funding Group’s responsive and sensibly priced capital will help insure success as the sponsor grows an income producing portfolio of well-located, multifamily units.
Thanks also to Rita Lancaster-Hannah of ACRE Investment Real Estate Services in Solana Beach. Rita made the initial Sponsor introduction to SFG back in 2018. She manages her transactions with great skill and directness, and her deep knowledge of San Diego County multifamily properties greatly aided in positioning this time-sensitive transaction to close before the appraisal had been received and as required under the 1031.
Repeat client, great asset, superlative rate structure and a terrific, extended team…all played a vital role in SFG providing Capital at the Speed of Business.