More than $10,000,000 was arranged for the retirement of senior debt on an unentitled urban-infill site for the development of a 130 unit, transit-oriented multifamily development adjacent to the metro-rail in Coconut Grove.
Chase Suite Hotel is 112 all-suite hotel in Overland Park, KS. Commercial Real Estate Loans, Inc. in partnership with sister company Multifamily.Loans, Inc. arranged the senior financing to fund the capex and conversion of the hotel property to its highest and best use as an apartment complex. Challenges included closing the loan before zoning was approved with significant push-back from the city for parking concessions. The $2.2MM commercial bridge loan was closed with future draws pending city approval with extremely competitive PRIME-based, interest only, pricing with no prepayment penalty or exit fees.