La Provence
Senior Bridge Loan Request · Lake Wales, FL
Confidential offering — access code required
Confidential offering — access code required
That code isn't right — check the invitation email.
No code? Request access
Confidential · For intended recipients only
36-month interest-only term sized to the stabilization timeline — acquisition plus full CapEx coverage, with a defined refinance exit at a stabilized value of $7.7MM.
| Loan terms | Detail |
|---|---|
| Loan amount | $5,177,125 |
| Term | 36 months |
| Amortization | Interest only |
| Rate structure | Floating |
| Leverage | 73% LTC |
| DSCR — in-place / stabilized | 1.16x / 1.37x |
| Uses | Amount |
|---|---|
| Acquisition price | $6,500,000 |
| Renovation budget | $302,125 |
| Origination + exit + broker fees | $155,313 |
| Closing costs & admin | $139,800 |
| Total uses | $7,097,239 |
La Provence is a 56-unit garden-style community in Lake Wales, Florida — all studio units averaging 367 SF — offered at $6,500,000, effectively at the submarket's comp average on a per-door basis. In-place rents of $1,253 trail the appraised market rate of $1,315, a loss-to-lease of roughly $62 per unit per month, and the asset produces $458,412 of in-place NOI (7.1% cap on purchase) with day-one debt coverage at 1.16x — before any renovation upside.
A $302,125 renovation program, fully funded by loan proceeds and phased over the 36-month term, drives rents toward market and stabilizes NOI at a projected $539,633 — an 8.3% yield on purchase price and roughly $81,000 of added annual income. At a projected stabilized value of $7,700,000, the senior position exits through refinance or disposition with 1.37x coverage and a 10.42% debt yield.
$458,412 of current NOI covers debt service at acquisition. The 4.9% gap to market rents closes as units renovate.
Deployed over 36 months — $105K, $100K, $97K — upgrading suites systematically while minimizing disruption.
Stabilized NOI implies an 8.3% yield on purchase versus 7.1% in-place — supported by comparable submarket rents.
Acquired effectively at the submarket sales-comp average of $117K/door — a cost basis that protects the exit and limits downside.
The Winter Haven/Lake Wales submarket runs 6.8% vacant against Lakeland's 11.5% — and the plan underwrites above the submarket rate.
Interest-only through renovation and lease-up preserves cash flow and clears a path to permanent refinance at stabilization.
| Unit mix | Detail |
|---|---|
| Unit type | Studio × 56 |
| Average size | 367 SF |
| In-place rent | $1,253 / month |
| Market rent | $1,315 / month |
| Rent upside | 4.9% |
| Vacant units | 4 — immediate lease-up |
| Vintage | 1959–1979, multiple phases |
~200 additional units
Entitlement in process for roughly 200 more units across two development phases — a future expansion path that compounds the property's long-term value beyond this business plan.
Direct frontage on US Highway 27 — the north–south arterial linking Winter Haven, Lakeland, and the Central Florida corridor — in a submarket running materially tighter than the metro.
Vacancy comparison — the plan underwrites above the subject submarket's actual rate, a cushion against lease-up execution risk.
| Line item | In-Place |
|---|---|
| Gross rental revenue | $842,318 |
| Less: vacancy & credit loss | ($105,290) |
| Other income | $52,826 |
| Effective gross income | $789,854 |
| Total operating expenses | ($331,442) |
| Net operating income | $458,412 |
| Property | Location | Units | Sale price | Price / door |
|---|---|---|---|---|
| 3150 Pyramid Pky | Lakeland, FL | 56 | $5,630,000 | $101,000 |
| 2200 Clover Ridge Ct | Eagle Lake, FL | 73 | $10,250,000 | $140,000 |
| 401 Domaris Ave | Lake Wales, FL | 22 | $2,080,000 | $95,000 |
| 1109 E Orange St | Lakeland, FL | 29 | $3,050,000 | $105,000 |
| Comparable average | — | — | — | $117,000 |
| Subject — 21380 Highway 27 | Lake Wales, FL | 56 | $6,500,000 | $116,071 |
The sponsor is seeking a lender able to execute on a 36-month interest-only floating-rate structure at up to 73% LTC with full CapEx coverage. Terms, timeline, and diligence on request.
