ABQ Encore is a 129-unit market rate multifamily property located in the heart of Albuquerque, NM.  The property was acquired in November 2014 for $3,334,128. At the time of purchase, the property was being operated as a 150 room Ramada Inn. Also included in the sale was a popular onsite restaurant called Sadie’s of New Mexico, currently in operation, and a conference center appurtenant to the property.

Since acquisition, the borrower has performed extensive capital improvements totaling $2.2 million, which includes converting several of the units into 1 bedrooms (leaving 129 total apartment units of which 21 units are 535 SF 1-bdrms and 108 units are 360SF studios), re-platting the restaurant to be on its own parcel with its own utility services, as well as extensive interior and exterior renovations to the apartment building.

The $3.83 million loan provided by a California-based non-bank lender provided cash back to the borrower to pursue future investment opportunities.