S Street Apartments
StackSource arranged the ideal multifamily value-add financing for a 14-unit apartment complex on S Street in Little Rock, Arkansas. The asset, originally developed in 1977, is currently hovering around 65% occupied with below market rents, and is in need of repairs. The sponsor, who comes from out of state, has budgeted renovations of $185,000 to be completed in year one on top of the $900,000 purchase price.
Capital Advisor Jaideep Chadha negotiated a 3.625% fixed rate loan at more than 100% of the property's purchase price, with initial funding of 85% and one year of interest only payments.