Why conversions, why now
Many cities have more office space than they need and not enough housing. Converting underused buildings can be faster and cheaper than ground-up construction, and many cities offer zoning or tax incentives for it.
What makes a strong conversion
- Floor plates and window lines that work for units
- Plumbing and egress that can be adapted cost-effectively
- Zoning approval or a clear path to it
- An experienced architect, GC and development team
- A market rent study supporting the pro forma
Office-to-Residential Conversion Loans: terms at a glance
| Loan types | Acquisition, construction, bridge to stabilization |
|---|---|
| Properties | Office, hotel, retail to multifamily |
| Exit | Agency, bank or DSCR refinance, or sale |
Terms shown are representative and subject to underwriting, appraisal and state availability. All loans are business-purpose loans on non-owner-occupied property. This is not a commitment to lend.