Twentynine Palms Multifamily Refinance

San Bernardino County
,
CA
10 year fixed, 30 year amortization
Amount: $
539500
Interest Rate: 
4.85
%

StackSource Capital Advisor Huber Bongolan successfully placed permanent financing for a 10-unit multifamily property located in Twentynine Palms, CA. Twentynine Palms is a secondary market of Southern California adjacent to Joshua Tree National Park. The property was originally built in 1935 and operated as a hotel. The Sponsor acquired the property in 2018, converted it to multifamily and completed an extensive rehab to attract quality tenants. The 16-acre property also has much potential for future development.

StackSource was able to source funds from a banking relationship that was comfortable with the secondary market location and small loan size. The 60% LTV loan features a 4.85% fixed rate for 10 year term amortized over 30 years.

Charitable Cause supported by 1% of StackSource's revenue on this transaction:
Habitat for Humanity of Greater Newark