Creative Office Conversion PDX
Town Center Loop West, Wilsonville, OR, USA
Property Type
Office Building
Length
24 months > Term
Appraised Value
$4,250,000 Appraised Value /
LTV
70%
About this Property
This project is currently a retail space in Wilsonville’s rapidly growing Towncenter Loop W corridor. New zonings have made this a favorable place for office space and I plan to turn this empty shell into a creative office. I currently have the property tied up in Escrow and will be closing with bank financing. However, I will need a construction loan to cover the costs of the conversion and cover carrying costs until the property gets leased up and stabilizes.
Listing Details
- Term: 24 months
- Appraised Value: $4,250,000
- LTV: 70%
- Status: Vacant
- Property Type: Office Building
- Purchase Price?: $4,000,000
- Listing Type: Commercial
- ARV: $11,000,000
- Pro Forma NOI: $744,000
- Building Size: 31,000 sqft
- Land Area: 1.5 Acres
- Occupancy: n/a
- Experience: 5-9 Deals
- Number of Units: n/a
- Date Purchased: Jan. 2020
Financials
- Loan Amount: $3,000,000.00
- Estimated Net Worth: $10,000,000
- Estimated Income: $650,000
Client Information
- Has the client used private money in the past?: Yes
- Has the client had any banckruptcy in the last 5 years?: No
- Client Background
- The Borrower is a developer and has backing from investors to complete the project. The plan is to convert the building into office, relatively inexpensively, and lease it up quickly. Once stabilized they will refinance with bank financing, repay the debt, and hold the property.
Details
Loan Purpose
- Construction Loan
Role
- Developer
- Investor
Listed by shah
- Profile Status
- Verified
