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This was a 66% loan to cost with a 12 month interest only period period to allow customer to perform tenant improvements on the property. The property was 89% occupied at the time of purchase. Our customer is a reputable value-add real estate fund that that owns and manages over 1.4 million SF. Loan was closed in 34 days.
Our customer had bought the MFR properties in the late 90s and wanted to recapitalize investors. Silvergate provided a $2.1 million cash out and a non-recourse loan due to the ownership structure of the customer. Our loan represented less than 50% LTV. Loan was closed in 41 days.
Total purchase price was $12.6 million and Silvergate financed 66% of the purchase. Our loan features the option to prepay up to 20% of the principal balance without any fees. Customer is an experienced developer and a high net worth individual. Loan was closed in 38 days.
Silvergate purchased a portfolio performing, multifamily loans from a regional bank. The weighted average LTV was 48% and the DSCR was 1.54 times. Primarily located in Northern California, the average seasoning of the loans was 3 months. Portfolio was purchased in 34 days.
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