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.