Team Hachem secured $8,750,000 in total financing comprised of a 60% LTV first mortgage and a 10% LTV second mortgage, for a 35-unit multifamily property in San Jose, CA. The loans provided significant cash-out proceeds at a blended rate of 7.41%. Both loans have a 12-month term, interest-only payments and are open to prepayment without penalty. Recourse is limited to 50% of the second mortgage only. The Property has maintained full occupancy and rent collections despite the COVID-related impacts in the overall market. The Lender did not require reserves for potential COVID rental interruption. The Sponsor developed the Property in the 1980s and engaged Antonio and the team to provide a high-leverage, quick-close financing solution. The financings closed within 8-days of the Lender’s issuance of term sheets.
