Mansfield Bank provided acquisition and construction financing to allow a borrower to acquire and improve property.
The borrower purchased 71-unit multifamily property for $8 million, consisting mostly of 2-bedroom units and some 1-bedroom units.
The borrower is in the process of making substantial upgrades to individual units under a "value-add" program. Upgrades consist of new kitchens, granite countertops, new flooring, new bathrooms and common area improvements.
Total project costs including acquisition is $10 million.
Personal guarantors are Jeff Bruce and Mat Glauninger.