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.