Residence on the Grande

$2,497,500
  • 75% LTV
  • 1-year term
  • 10% Interest
  • Northeast

The borrower currently owns Residence on the Grande property. The Class A property was formally an abandoned condominium development that was taken over by the city of Trenton. The borrower received approval to complete the 59-unit horizontal-multifamily development. There are currently 11 residences built and occupied with an additional 3-unit building complete.

The property is located in a high commercial traffic area with high visibility.The borrower is seeking financing for completion of 15 approved units, which will allow a HUD exit loan, facilitated by Chemical Bank.

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