Stone Meadow Secures $4.6M Bridge Loan For Santa Barbara Development Site

Stone Meadow, the landlord of a development site in Santa Barbara, secured a bridge loan for $4,640,000. The loan, provided by Ally Commercial RE, is structured as an 18-month term with interest-only payments. The loan terms include an 80% loan-to-value ratio and a fixed interest rate of 6.75% locked at funding. There is also an option to convert the loan to construction financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,640,000
• Loan Type: Bridge Loan
• Loan Terms: 80% LTV, 18-month term, Interest only, bridge financing, fixed rate of 6.75% locked at funding, option to convert to construction
• Landlord: Stone Meadow
• Broker: Ally Commercial RE

The bridge loan allows Stone Meadow to obtain financing for the development site in Santa Barbara. The loan was provided by Ally Commercial RE, who represented Stone Meadow in the deal. This financing option provides flexibility with its 18-month term and the potential to convert it to construction financing if needed.