Cetan Funds recently funded a commercial construction loan for apartments in Portland, Oregon. This will be a ground-up build of 12 units. The developers on this project designed the building to have a net-zero carbon footprint with energy-efficient materials and solar power. They were seeking a funding partner for the commercial construction loan who could offer a streamlined process and flexibility with budget allocations, equity and reserve requirements and working capital management.
Ultimately, we were able to provide the flexible funding they needed for the hard costs of construction. They will break ground soon and expect completion of construction within the next 12 months. Once stabilized, the developers plan to sell to buyers interested in acquiring investments that align with a green, climate-friendly mission. This first build will hopefully be a proof of concept and the developers will seek to replicate their success on the adjacent lot they already own.
Loan Purpose
Cetan Funds’ commercial construction loans finance the ground-up construction of all types of commercial assets, including multifamily apartment complexes, storage facilities, retail buildings, small office, industrial, special-use and mixed-use properties. These loans are ideal for developers and builders who need more speed, flexibility and efficiency than bank financing can provide.
Our commercial construction loan terms vary depending on the property type and exit strategy. Multifamily construction loans for example can finance up to 90% of the project costs or 70-75% of the as-stabilized value. Follow the link above or contact us for more information about our commercial construction loans.
Location
Portland, Multnomah County, Oregon
Loan Terms
$2,200,000 at 12.0% interest only on funds drawn for 24 months
