Lancewood Capital Provides $2.45M Bridge Loan For Delray Beach Multifamily Acquisition | 1605 Northeast 3rd Avenue | Lancewood Capital | MultiFamily | Loan

Summary

Loan

FLORIDA

MultiFamily

18,000 sqft

The Schijns Family has acquired three adjacent multifamily buildings in Delray Beach, FL, with the help of a $2,450,000 bridge loan provided by Lancewood Capital. The properties, located at 1605 NE 3rd Ave, comprise a total of 18 units and have a combined square footage of 18,000. The acquisition was financed with a loan amounting to 70% of the purchase price.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $2,450,000
Address: 1605 NE 3rd Ave
Market: Delray Beach
Units: 18

Representing Lancewood Capital in the deal was Matt Schatzle. The Schijns Family, acting as the landlord, sought a quick closing due to purchasing a contract flip with an impending TOE date. Lancewood Capital was able to facilitate the closing within a span of just 10 days.

Players

All
1

Lenders
1

Lancewood Capital

Details

Deal Summary

FINANCED

IMAGE: Matt Schatzle DATE: 11/23/2021 ADDRESS: 1605 NE 3rd Ave MARKET: Delray Beach ASSET TYPE: Multifamily ~ SF: 18,000 ~ UNITS: 18 LENDER: Lancewood Capital - Matt Schatzle LANDLORD: Schijns Family LOAN AMOUNT: $2,450,000 LOAN TYPE: Bridge NOTE: Lancewood Capital provided a $2,450,000 bridge loan to finance the acquisition of three adjacent multifamily buildings comprised of 18 total units in Delray Beach, FL. The property is walking distance to Downtown Delray Beach/Atlantic Ave. Lancewood Capital’s loan was 70% of the purchase price. The borrower was seeking a quick closing due to purchasing a contract flip with an impending TOE date. Lancewood was able to close in 10 days.

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Address1605 Northeast 3rd Avenue

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