39-Unit Koreatown Apartment Project That Halted Construction at 95%
Service:
Loan Strategy
Client:
Construction Completion Loan
Funded:
6 weeks
Date:
“GlassBox Lending and Peter Steigleder saved my project when funding stalled at 95% completion.”
Eric B.
Mortgage Broker
The Challenge
Developer Needed a Refi + Funds to Finish a Nearly Completed Project
A seasoned developer and mortgage broker came to us after their existing construction lender ran out of funds with the project 95% complete. Without additional capital — and with no certificate of occupancy in place — the 39‑unit Koreatown apartment building could not be finished, leased, or stabilized. The developer needed a lender who could quickly refinance the existing loan and provide enough funding to complete construction.
Our Approach
Delivering a High‑Confidence Completion Loan for an Experienced Team
1. Replaced the Existing Lender and Provided Completion Capital
Paid off the prior construction loan immediately.
Supplied the funds required to finish the final stage of the project.
2. Conducted a Full Valuation Review
Ordered an as‑is appraisal for current standing.
Ordered an as‑completed appraisal confirming a value of $17,500,000.
3. Structured a $10,230,000 Interest‑Only Loan
Based underwriting on the strength of the as‑completed valuation.
Allowed 24 months for construction, C of O issuance, and lease‑up.
4. Positioned the Developer for Long‑Term Financing
Ensured the 24‑month window provided time to stabilize occupancy.
Enabled the developer to transition into conventional financing once the building was leased.
Video Presentation
The Best-Dressed Lender says…
The Results
A High‑Confidence Completion Loan That Rescued a Nearly Finished Development
Underwrote the project using both as‑is and as‑completed appraisals.
Funded $10,230,000 to pay off the stalled lender and finish construction.
Overcame the lack of a certificate of occupancy with experience‑driven underwriting.
Allowed the developer to complete the final units and begin leasing.
Positioned the 39‑unit property for long‑term take‑out financing upon stabilization.
Testimonial
“We were 95% done, but without funding we couldn’t finish. GlassBox Lending stepped in immediately. Peter Steigleder — the Best Dressed Lender — was decisive, professional, and understood exactly what we needed. Thanks to them, the building is now complete and leasing.”
Developer, 39‑Unit Koreatown Project
“GlassBox Lending saved this deal. Peter moved faster than any lender I’ve worked with, and his team delivered a loan structure that truly supported the developer. I’m thankful for their expertise and commitment.”
Mortgage Broker
Eric B.
Mortgage Broker
