The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 15, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
Monterey Office Property to be Converted into Workforce Housing

12/13/22

A suburban office property in Monterey, CA will be converted into workforce, multifamily housing as an adaptive reuse project. The property, covering 7.23 acres at 2300 Garden Rd, will be redeveloped to provide 64 one- and two-bedroom market rate units.

The project is being financed with a $14.3 mil construction loan arranged by Robert Slatt, Jeff Wilcox and Andrew Ferguson with Gantry. The three-year loan was funded through a life company lender at an attractive rate. It allows for transitioning the loan to an extended, permanent term at the same rate upon completion of construction.

“The loan is structured as a traditional three-year construction loan with the option of extending its term to permanent status upon maturity or refinancing into a new loan if rates have improved by that time,” noted Slatt. “This flexibility allows our client to move forward in confidence that the project, as underwritten, will deliver into predictable financial circumstances for a legacy hold if desired upon completion.”





Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media