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$10M Financing Seeds 132-Unit Condo Conversion

PHOENIX-Metropolitan Development Group LLC of Tacoma, WA plans to use $9.5 million of bridge financing to convert the Esplanade Apartments into condos, which will sell, on average, for $135,000 per unit.

By Amy Wolff Sorter | Updated on August 19, 2005

(To read more on the debt and equity markets, click here.)

PHOENIX-A Tacoma, WA-based condo converter has secured $9.5 million in bridge financing to cover costs for a condominium conversion of the 132-unit Esplanade Apartments.

Metropolitan Development Group landed a two-year loan for conversion of the Esplanade at 740 W. Elm St. through Owens Financial Group of Tallahassee, FL. Brian Harvey of Johnson Capital’s San Diego office worked out a 75% loan-to-value ratio for the bridge package.

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