Structured and arranged medium-term, fixed-rate senior debt to recapitalize a 58-unit, multifamily property in Fort Lauderdale, Florida.
Challenges
Ownership wanted flexibility of prepayment while locking in current low-interest rates. The lack of operating history of the adjoining boat slips made it difficult to obtain a full permanent loan as this income was not included in the lender’s underwriting. Additionally, the property had inflated expenses that greatly skewed the property’s NOI value.
