Max Benjamin Partners Secures $19M Construction Loan For 23 Multifamily Condos In Redwood City

The asset involved in this context is a ground-up development of a 4-story multifamily condominium project in Redwood City, California, comprising 23 units. The total loan amount secured for this project is $19,000,000. The financing is designated for construction purposes with a loan term of 24 months.

Summary of transaction details:

• Property Type: Multifamily Condos
• Transaction Amount: $19,000,000
• Loan Type: Ground-Up Construction
• Loan Terms: 24 Months
• Market: Redwood City
• Units: 23
• Broker: Yuchen Ai, Bijan Saremi & Max B. Mellman - Max Benjamin Partners

The transaction was facilitated by Max Benjamin Partners, who secured the financing for a sponsor known for their extensive development experience and strong community ties. The broker team managed to structure the deal effectively, overcoming previous financing challenges faced due to loan size and limited modular construction experience. Their efforts resulted in optimal financing terms that aligned well with the project's business plan.