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June 15, 2024
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Monterey Office Property to be Converted into Workforce Housing


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.”

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