Bridge Refinance and Rehab for 19 Multi-Family Efficiencies in Springfield, IL

This listing is a request for a bridge loan and construction financing to convert a historic mansion, formerly a student dormitory, into 19 multi-family efficiency units. Located at 541 E. Black Ave., Springfield, IL, the property sits on a 1.8-acre lot and is situated near major hospitals and a large park in the Illinois state capital. The property, which was acquired in June 2022 for $265K, has undergone recent upgrades including a new roof ($85K) and cleanup ($15K). The 'AS IS' appraised value is $465K, with a stabilized appraised value (ARV) projected at $1.29M based on future cash flow. The sponsor is seeking $848,000, representing 75% of the ARV, to pay off the current loan and fund the $500K renovation. The proposed units will each feature a full bathroom and an efficiency kitchen. The loan term requested is 6-12 months, with an exit strategy to refinance into a permanent multi-family loan. The property is currently vacant and undergoing light renovation.