Golden Bridge Lends $10.5 Million Bridge Loan For 322 Unit Multifamily In Evansville Indiana

The property asset involved is a multifamily unit located at 2340 Sunburst Boulevard in Evansville, Indiana, consisting of 322 units. The total loan amount secured for this transaction was $10,500,000, with a bridge loan type utilized for the financing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,500,000
• Market: Evansville, IN
• Lender: Golden Bridge - Haim Dadi & Erez Britt
• Brokers: Dovi Levy, Brian Flax, Jason Bogopulsky & Dovid Kaufman - Meridian Capital Group
• Loan Type: Bridge
• Units: 322
• Vacancy Rate: 20%

This transaction was facilitated by a team of brokers from Meridian Capital Group, with Dovi Levy, Brian Flax, Jason Bogopulsky, and Dovid Kaufman representing the borrower. The loan secured was a complex bridge-to-bridge cash-out refinance, which also included funds necessary to stabilize the asset. Due to this being the second transaction between the borrower and the lender, both parties were able to expedite the process, leading to a closing time of less than 30 days from the execution of the term sheet.