Freedom Closes $10.5 MM Bridge Loan In Seattle/Tacoma Metro
July 23, 2022
Freedom Financial Funds, LLC recently closed a $10,500,000 bridge loan that will be used to convert a non-operating hotel into a 115-unit apartment building. The project is located in the Seattle/Tacoma metroplex and was originated by Eric Shoemaker, Freedom’s Northwest Market Executive.
Bridge loan
$10.5M
Apartments, Seattle–Tacoma, WA
- Loan amount
- $10,500,000
- Purpose
- Convert a non-operating hotel into a 115-unit apartment building
- Leverage
- 80% of project cost
- Relationship
- Second loan with the sponsor
- Originated by
- Eric Shoemaker
This transaction was Freedom’s second loan to the sponsor, who opted to work with us again for a number of key reasons: our ability to meet a short closing schedule; our efficient post-closing service; our flexibility; and our understanding of the renovation process.
Freedom is excited to finance this project not only because it is an opportunity to continue building our relationship with an active, highly sought-after client, but also because we are part of an affordable housing solution. When complete, this project will offer market-rate, non-government subsidized housing in a sub-market that has virtually no vacancy for newer units.
Freedom financed 80% of the cost of the project at highly competitive rates.
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