Structured and arranged long-term, fixed-rate senior debt to retire an expiring bridge loan secured by a 352-unit multifamily property in Lauderhill, Florida.
Challenges
After ownership successfully executed its value-add repositioning strategy, the newly renovated complex achieved 90%+ occupancy in less than a year. Ownership required a complete cash out, which was challenging for traditional balance sheet lenders and capped potential proceeds attainable. Furthermore, a challenging neighborhood and limited operating history made it difficult for some lenders to underwrite to maximum proceeds.
