12Sep Office Conversion by Lee Seward Construction Cost to Build Apartment Conversion What will happen to all of the lenders who are overextended on office building loans? Some of the largest office developers are handing over the keys to entire buildings and defaulting on loans. What will happen to these building values? If you have an office building leased and you are current on your loan, your building value will decrease along with these defaults. Banks will be stuck with loans for buildings that no longer have 50% of the underwritten valuation. Some developers may not be able to refinance in this environment causing more defaults and decreasing valuations lower. Convert Office Space to Residential Apartments It is not hard to see that we are in the beginning of a major crisis. The time is now to convert office buildings into apartment rentals. Iridium Development is converting full floors from office to residential in most major cities for $6,300 per unit. The time is now to convert losses to gains, consolidate the current office leases and utilize the vacant space for residential. Our in house team will work with you to obtain entitlements and value engineer the best use of the vacant space. For more information please write us: info@iridiumdev.io 2 Bedroom/2 Bath Apartments5/8 drywall, led lighting, shaker style doors, modern moldings, modern kitchens, caesarstone counters, laminate flooring, tile shower, tub, SS appliances, polish chrome plumbing fixtures, neutral paint finishes. Approvals and demolition additional per application.