Eyzenberg & Company structured and arranged bridge financing to recapitalize a 384-unit multi-family garden style apartment in Memphis, TN.
Challenges
The borrower utilized expensive capital to acquire the mostly vacant property during the COVID-19 pandemic. Though the business plan was not fully executed, the borrower was seeking to capitalize on an increased occupancy and a recovering. The property’s location in a tertiary market and the lending markets bias against bridge-to-bridge financing were a few of the hurdles to overcome.
