Updated Dec 4, 2024
Max B. Mellman & Anastasia Vladislavova Arrange $37.56M Construction Loan For Bellingham Condo Development
$37,561,940
$37,561,940/SF
Building Size
1 SF
Asset Type
Condo
Closing
Nov 15, 2024
About this deal
AI
The property involved in this transaction is a condo development in Bellingham, WA, encompassing a total square footage of 100,400. The project will consist of 111 condominium units that are anticipated to be marketed for individual sale upon completion.
Summary of transaction details:
- Property Type: Condo Development
- Transaction Amount: $37,561,940
- Lender: Hybridge Capital Management
- Loan Type: Construction
- Loan Terms: 70% LTV, 82% LTC
- Brokers: Max B. Mellman & Anastasia Vladislavova - Max Benjamin Partners
- Loan Closing Date: 11/15/2024
Max B. Mellman and Anastasia Vladislavova from Max Benjamin Partners facilitated the closing of this construction loan. They secured an 18-month construction loan along with CPACE financing, ensuring that the Sponsor could proceed with the development without bringing cash at closing. Their established relationships with capital providers were instrumental in achieving favorable terms for the financing arrangement.
Players
Market Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Deal FAQ
Visit Max B. Mellman to view all their deals.
Browse Washington condo loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93