Lancewood Capital Provides $2.45M Bridge Loan For Delray Beach Multifamily Acquisition

The Schijns Family has acquired three adjacent multifamily buildings in Delray Beach, FL, with the help of a $2,450,000 bridge loan provided by Lancewood Capital. The properties, located at 1605 NE 3rd Ave, comprise a total of 18 units and have a combined square footage of 18,000. The acquisition was financed with a loan amounting to 70% of the purchase price.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,450,000
• Address: 1605 NE 3rd Ave
• Market: Delray Beach
• Units: 18

Representing Lancewood Capital in the deal was Matt Schatzle. The Schijns Family, acting as the landlord, sought a quick closing due to purchasing a contract flip with an impending TOE date. Lancewood Capital was able to facilitate the closing within a span of just 10 days.