Description:

iCapital Options, a direct private lender based in Sacramento, closed a $12,300,000 loan. This funding is designated for the acquisition and rejuvenation of a multifamily development situated in Raleigh, North Carolina. The $12,300,000 million bridge loan, structured as an interest-only arrangement, spans a three-year term, supplemented by two optional six-month extensions. This strategic framework empowers the borrower to execute the acquisition and renovation plans seamlessly. Concurrently, iCapital is committed to facilitating the transition to a favorable, fixed-rate permanent loan. Notable project highlights include the reactivation of six previously offline units, renovation efforts targeting an additional 50 units, comprehensive addressing of deferred maintenance issues, and an aesthetic enhancement to the property's overall curb appeal. Interior unit upgrades encompass a spectrum of improvements such as wood plank flooring installation, modernized countertops and fixtures, the incorporation of new appliance and lighting packages, and a facelift for existing cabinets.