Just Closed: $14M Non-Recourse Bridge Loan for Multifamily￼
In late December 2021, Liberty SBF closed a $14 million non-recourse bridge loan at 70% LTV for two Class B multifamily properties in Dublin, GA. The Sponsor plans to use the loan proceeds to renovate and restore the 202 units across the two properties, with the goal of increasing cash flow and overall value.
Once renovations are complete, the borrower plans to raise rents by 25-30% to be in line with the local market. Located along the second-busiest and fastest-growing seaport on the East Coast, the asset also includes sufficient land to build 60 or more units. The Sponsor plans to refinance out of the bridge loan to a long-term Agency loan after executing the business plan.
The Sponsor is an experienced multifamily property owner with over a decade of experience. Investing their own capital alongside that of their investors, the Sponsor seeks out properties that are undervalued due to poor management and/or design.
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