Daytona Beach, FL
Property: Commercial Building
Deal Type: Acquisition
Loan Amount: $630,000
The sponsor for this deal owns twenty-two investment properties and manages over 250 properties, both for self and for other investors. The sponsor has successfully increased the value of residential and commercial properties over the past five years by renovating the properties and improving occupancy. Sponsor has successfully managed to create a team of experienced employees and subcontractors to handle maintenance, and management needs.
Stronghill won this deal because we were able to provide a competitive interest rate and we were able to close the loan in 30 days. In addition to this, we provided simultaneous closings for a cash-out refinance for the sponsor to use the proceeds as a down payment on this acquisition.