Cetan Funds recently funded an apartment complex rehab project in Coquille, Oregon. This multi-family purchase and rehab project included the renovation of 19 units formerly used as a senior living facility. The property was in need of major repairs with a collapsing front deck and walkways and very outdated features in the apartments. Our borrower hired a great contractor that rehabbed the entire facility in a matter of months. He was then able to increase rents on the apartments to market rates, thereby dramatically increasing the property value. He will soon be refinancing this loan into a lower interest commercial loan from a community bank.
$600,000 at 10.50% interest for 12 months
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