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Joe Alexander

Advisor @ Janover

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OFFERING MEMORANDUM

 1. Summary

 2. Data points

 3. Documents

 4. Soft Quote

Any questions?

Joey Alexander

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OSTRICH PLACE: MULTIFAMILY REFINANCE IN OAKLAND, CA






SUMMARY

Janover has been engaged to secure financing for Ostrich Place, a 6-unit
multifamily property located at 919 39th Ave, Oakland, CA 94601. Newly
contructed, it consists of 3 two-bedroom units, 2 one-bedroom and 1
three-bedroom unit. The land was acquired in August 2019 as part of an
Opportunity Zone Fund and construction commenced in Dec 2021 and obtained
Certificate of Occupancy in Nov 2022. The current value of the property is
estimated at $3.5mm.

The sponsor brings a wealth of experience to the table, with a track record
spanning over 20 years in the Bay Area. Currently overseeing multiple
construction projects across various cities in California, including Oakland,
San Mateo, Alameda, Fremont, Milpitas, Santa Rosa, San Jose, and East Windsor,
New Jersey. The sponsor intends to self-manage the property due to its size,
with a commitment to holding the asset for a period of 10 years.

They currently have a construction loan on the asset of $2.54mm, and are looking
to pay off as much of that as possible, however, expect to be DSCR constrained.
The borrowers will pay off the difference. He is looking for a competitive
interest rate, and to close by the end of February due to the existing loan
payoff.

DEAL HIGHLIGHTS

Strong local sponsor
Rate & term refinance
Recently constructed
Located in a opportunity zone

DATA POINTS

Property type
Protected
Loan purpose
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Property value
$ 3,500,000
Requested Loan Amount
$ 2,500,000
Property address
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Home Address
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DOCUMENTS ATTACHED

PFS
Attachment
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Rent Roll
Attachment
Protected
T-12
Attachment
Protected
Bio / Resume with Multifamily experience
Attachment
Protected
Stabilized Budget - Pro Forma
Attachment
Protected
Business Plan
Attachment
Protected


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