»$6 Million Multifamily, Sacramento CA
Posted by Loan Closed
Sponsor has owned this property for 11 years. Occupancy has been excellent, but deferred maintenance and dated internal finishes has not allowed the rental rates to keep pace with increases achieved by competing properties. Avatar’s loan will provide the needed capital to cure deferred maintenance including refurbishment of the exterior and interior of the buildings. Updating of the property will allow rents to be increased to market and allow the subject to qualify for long-term financing.