Multi-Family Land Acquisition

Property Type:


Execution Type:



Seattle, WA



Opportunity / Challenge

A Seattle-based multi-family developer was under contract on an assemblage of seven contiguous residential parcels in a prime Seattle submarket. Borrower has significant equity in a stabilized multi-family project in the same submarket and wanted to maximize leverage on the assemblage acquisition.

Red Fox Capital Solution

Red Fox was able to close within 30 days and provide nearly 100% of purchase price by taking an assignment of Borrower’s 50% economic interest in the stabilized multi-family asset. At close, Red Fox is 99.7% LTC and 80.4% LTV on the assemblage, and 63.8% aggregate LTV including the additional collateral. Red Fox’s loan includes a full-term interest reserve which, coupled with the high LTC, allows Borrower to maintain maximum liquidity during the loan term.

Exit Strategy

Borrower is an experienced multi-family developer and takeout will come via construction loan once plans are finalized and development is ready to begin.

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