$5MM Alexandria, MN - Mixed-Use
- Total financing of $5MM
- LTV of 13% and CLTV of 70%
- 21 years fixed
- Capitalized interest period of 1.5 years
21 Years Fixed
The borrower was looking to finance the new construction of a 4-story, Mixed-use asset, built atop a 2.5ac lot, and comprised of 72 residential units, and 6 commercial units, and an underground parking garage. Total development costs were approximately $37MM.
The borrower plans on building, operating and maintaining the property for cash flow and was looking for long term, low cost financing for the construction of the property. Bayview was able to provide $5MM in C-PACE financing for 21 years.