Multifamily renovation refinance

[Austin Sisley]

Hello,

I am hoping to connect with someone who understands the following scenario. I am purchasing a building. Current occupancy is I-1 (institutional). there is an auxillary building that is connected to the primary building with 2-hr fire separation that I am planning to convert into 24 one bedroom/ studio apartments. The finished building will have its own Certificate of Occupancy, and by IBC definitions be considered a separate building. My question is in regards to refinancing this renovated building. I initially thought I may need to condominimize the parcel, to separate ownership between old and new buildings. But will a multifamily lender really lend on this? Is there another mechanism that may work?

Thanks in advance,

Austin