Completed! 2nd cash out returning 154% capital, maintaining 100% ownership of cash-flowing property
February 7, 2023
Skytian Capital acquired a 100% occupied, mixed 5-unit commercial property in late 2019 on the busiest corner of a fast-growing Essex County NJ town for $468,000.
We improved the property with a $60,000 capex budget or all-in costs of $528,000, paid in cash. Eighteen months later, despite COVID, we took out a first loan of $490,000, returning 93% of all-in costs after the strategic rehab and new tenants.
Last week, after more improvements in rents and tenants, we completed a second loan of $325,000 for a total cash out refi of $815,000 or 154% of costs while maintaining 100% ownership and positive cash flows with the two loans. The asset sits on a 6,600 sqft corner lot zoned for up to 8 stories for future development.
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