Merchants Bank Of Indiana Provides $16M Bridge Loan For Multifamily Property

Located at 4250 Branch Bend Ln. in Charlotte, NC, this multifamily property encompasses a total square footage of 116,016 and consists of 120 units. The transaction took place on October 29, 2021, and was completed with the assistance of Jonathan Singer from Strategic Funding.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $16,025,000
• Loan Amount: $16,025,000
• Loan Type: Bridge loan
• Loan Terms: 80% of Purchase Price, 100% of Cap ex, 3.30% IO Rate

Merchants Bank of Indiana provided the loan of $16,025,000 for this transaction. The loan terms include 80% of the purchase price and 100% of the capital expenditure, with a 3.30% interest-only rate. Jonathan Singer from Strategic Funding represented the buyer as their broker in this deal.