Arranged a bridge loan to acquire three garden rental properties totaling 380 units located in Greensboro, NC, Stone Mountain, GA, and Riverdale, GA.
Challenges
The seller lacked a cohesive asset renovation strategy that prevented the deployment of funds and ultimately led to significant vacancy. The sponsor’s strategy would entail creating additional vacancies to improve the credit quality of the tenancy base and solve operational inefficiencies. Additionally, a complicated closing process involved the defeasance of an agency loan on one of the assets and the need for multiple lender correspondents.
