This transaction involved bridge acquisition financing of two additional parcels for a core, downtown, multifamily development assemblage. Seattle Funding Group provides comparatively few land loans, so by design, they account for a relatively small percentage of our overall portfolio. Closing this specific transaction during the COVID impacted economy is testament to the quality of the location and sponsorship, the exceedingly low leverage level, and the outstanding development opportunity and entitlement status presented with this proposed multifamily project.
Encumbering the total assemblage, SFG’s security was further underscored by a highly experienced sponsor. Well along in the process of securing project approval, this development, once completed, will add significantly to the housing so badly required in San Diego County’s most northerly beach community.
Capturing these final two parcels allows the sponsor to control the entire block, greatly increases the potential unit count, and positions the sponsor for even greater opportunity and financial reward. A multifamily development land loan closed under the storm clouds of COVID. That’s the flexibility and capacity of Seattle Funding Group, and yet another excellent example of Capital at the Speed of Business…
Special thanks to Rita Lancaster-Hannah of ACRE Investment Real Estate in Solana Beach. Rita’s in-depth knowledge and 20+ years of experience with the multifamily asset class make her a terrific resource for market conditions and value confirmation. We appreciate the expertise Rita so willingly brings in support of the valuation process for multifamily assets throughout San Diego County.