Transaction highlights include a 6.8% stabilized debt yield and a $8.5MM construction holdback.

Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners L.P., provided a $24.8 million non-recourse construction loan for the renovation of a 1960s-built waterfront-adjacent multifamily property in Point Loma, CA. Upon completion, the property will feature contemporary high-end finishes and an additional 11 Accessory Dwelling Units, increasing density at the property by 25%. The sponsor’s primary objective was to obtain a non-recourse loan that would refinance the existing debt and fund 100% of the construction costs and operating shortfalls during the re-stabilization process.

ABOUT BUCHANAN MORTGAGE HOLDINGS, LLC

Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners LP, originates non-recourse bridge and construction loans for the acquisition, development, renovation, recapitalization or refinance of commercial real estate located in primary and secondary Western U.S. and Texas markets. The company utilizes its own balance sheet and fully discretionary lending capabilities to provide certainty of execution within short timeframes, flexible loan structures and creative financing solutions. Our extensive experience as an owner and operator of commercial real estate allows us to understand what our borrowers need to successfully execute their business plans and maximize the value of the underlying real estate.