Schelin Uldricks & Co. successfully arranged a $63,000,000 loan to refinance SOMO Village, a 593,645-square-foot mixed-use project in Rohnert Park. This new financing enabled the property owners to recapitalize and access some of the equity in the project for construction of residential development on unencumbered land adjacent to the site.
Ethan Schelin, managing partner at Schelin Uldricks commented: “We marketed this financing opportunity across a wide range of lenders including regional banks, CMBS lenders life companies and money center banks before selecting one national lender after going through three rounds of bidding process” He further added that despite recent rise in interest rates and bank failures capital markets remain unsettled; however they were able to close this transaction which now provides their client with additional liquidity for other important projects that will increase housing supply within an undersupplied market.
