Posted by fmitchell on May 24, 2005 at 17:55:43:
I may be able to help you with this. Email me or give me a call at 312-491-9911.
Fumi
Office to Residential Condo Conversion - Posted by Brett
Posted by Brett on May 24, 2005 at 17:36:37:
I?m in the process of underwriting a project to convert an existing 80K Sq Ft office building into approx 70 residential condos. I?m estimating the total development cost (including land/exsisting building but excluding financing costs) to be approx $14.5M. I would like to be able to finance somewhere between 65% to 75% of this project.
Is this possible?
Are there any specific lenders or banks that specialize in these this of project?
What upfront costs should I expect?
What interest rate or spread should I expect?
What type of recourse or collateral would be expected?
Any other things I should be aware of?
Any advice that you can provided would be much appreciated! Thanks in advance.
Re: Office to Residential Condo Conversion - Posted by wes
Posted by wes on May 25, 2005 at 07:12:27:
I know of a program that offers 75% cost of acquisition and 75% of conversion cost.
Rate is “Interest Only” for up to 3 years @ 6 month LIBOR plus 4% (about 7.5%).
If that would not accomplish your goal, I have other ways of doing this but would need more project/deal information to determine what it might take to accomplish your project.
Let me know if you think we can help.
Good Luck.
wesloans@earthlink.net