Property: Eight-unit multi-family building
Deal Type: Refinance
Loan Amount: $750,000
The subject property is an eight-unit multifamily building in Miami, Florida within the Miami-Miami Beach-Kendall, FL metropolitan statistical area. The property was built in 1958 and fully renovated in 2018-2019. The sponsor needed to refinance and close in a timely manner, as his first mortgage and construction loan were maturing.
Stronghill met the sponsor’s deadline – as a result, he did not incur any penalties from his former lender. Additionally, he was able to lower his interest rate significantly, improving his monthly cash flow.