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Total Transformation

Total Transformation

If you passed by a single-tenant 40k+ square foot, manufacturing building, your last thought would likely be to turn it into 10 luxury office condos, but this is exactly what our client did.

The story began when our client purchased the above-mentioned building and the long-term tenant left. With his tenant gone our client had to think quickly on his feet. He called his F&M Bank Relationship Manager and told him his plan of developing a 10 unit mixed-use office condo building.

With the location being minutes away from our East Long Beach Branch, we could not wait to roll up our sleeves and be part of turning his vision into a reality. F&M Bank did not stop at the construction loan. After the project was fully developed, we worked with our client to find loan solutions that could help new prospective buyers who wanted to purchase an office condo.
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A Custom-Tailored Solution

Our specialized Commercial Relationship Manager worked with all parties involved to develop a tailored loan solution helping our client with a $5,450,000 construction loan facility to repurpose and revitalize the building. The loan included a 12-month straight line of credit, with the loan balance converting to a 20-year amortization due in 9 years. The facility was priced with a variable rate tied to a Wall Street Journal Prime rate during the initial 12-month construction phase and an additional fixed rate financing and reset for the final 9 years. An additional 6 month interest only extension was built into the transaction in case construction took longer than anticipated.