Structured and arranged a construction loan to develop an 87,000-square-foot, 69-unit multifamily rental property with office space on the first two levels that will serve as the new U.S. Embassy for The Republic of Senegal.
Challenges
Sponsorship, which included a subsidiary of a sovereign entity, required a non-recourse construction loan. Furthermore, a factually challenged appraisal unbalanced the borrower’s land equity contribution.
