This terrific, contemporary row home project was conceived prior to the downdraft and completed in the teeth of the turbulence. The declining market saw these circumstances routinely, and the oft repeated result was present in this case –upside down on the proforma, underwater and scrambling to develop and execute Plan B. Fortunately, the sponsors were able to hold on until this quality, well-located project experienced market lift, and when presented with an opportunity to restructure the matured, assigned construction debt, Seattle Funding Group of California was there.
Though this debt restructuring transaction was “on again / off again” a time or two, when it came down to the crunch with little time to spare, SFG worked closely with this repeat client and their new equity partner to get the deal done. SFG’s time sensitive bridge financing will provide the time necessary to complete the split, sell this terrific row home product and enjoy recovery where a short time ago, none of that seemed possible.
Well known for highly responsive lending in core submarket locations throughout the West, SFG also values and deeply respects its many long-term lending and professional relationships. Special thanks to Sal DeMaria with Prudential California Realty of Pt. Loma. For years, Sal has been SFG’s go-to source for value and current market conditions in many of San Diego’s centrally located, higher-end communities. Sal has never led us astray, and we thank Sal and his associates for their professional, insightful assistance throughout the years…including the toughest ones!