Max Benjamin Partners Facilitates $54M Construction Loan For Modular Condo Project In Traverse City

A modular condo project comprising 158 units organized across four buildings is set to be developed in Traverse City, Michigan. The project encompasses a total of 97,500 square feet, reflecting the community's growing need for additional housing options.

Summary of transaction details:

• Property Type: Modular Condo
• Transaction Amount: $53,714,233
• Loan Type: Construction
• Loan Terms: 68% LTV; 98% LTC; 10.49% Interest Rate; 2 Year Term
• Broker: Tanner Barge, Max B. Mellman & Christian Bloom - Max Benjamin Partners

Max Benjamin Partners facilitated the construction loan, allowing the Sponsor to fully fund the project without requiring additional cash to close. This funding structure was essential to accommodate the high market demand for housing in the Traverse City area, which is projected to necessitate over 10,000 new for-sale and rental units in the upcoming five years.