Structured and arranged a construction loan for the completion of a 5,100-square-foot townhouse located in Brooklyn, N.Y. Challenges Client was seeking to pay off an expiring construction loan and required additional proceeds to fund cost overruns on the project. Furthermore, the client was experiencing a short-term liquidity crunch in addition to incurring additional cost overruns […]
Archives: Case Study
$22MM Multifamily Acquisition | Huntsville, AL
Placed a bridge loan to acquire and reposition two adjacent garden rental communities, totaling 375 units and 318,538 square feet, in Huntsville, AL. Challenges The assets were experiencing significant vacancy and higher-than-average delinquency rates. The sponsors’ strategy would entail creating additional vacancy to improve the credit quality of the tenancy base.
$40MM Retail Recapitalization | Myrtle Beach, SC
Structured and arranged a cross-collateralized bridge loan to recapitalize a newly built 42,000-square-foot oceanfront retail entertainment complex and 218-space parking lot in Myrtle Beach, S.C. Challenges The client was seeking to repatriate capital while retiring its current construction loan upon obtaining a certificate of occupancy. The asset was not yet fully leased, and a significant […]
$32.5MM Multifamily Acquisition | Tampa, FL
Structured and arranged joint venture equity to capitalize the acquisition and repositioning of a 300-unit multifamily property in Tampa, Florida. Challenges The property was under contract for a higher per key amount than several recently completed transactions in the local market. Additionally, the sponsor’s track record consisted of only a few comparable multifamily acquisitions and […]
$10MM Retail Leasehold Acquisition | Santa Ana, CA
Arranged financing for the acquisition of two 30-year leasehold interests in a multi-tenanted shopping center in Santa Ana, CA. Challenges The shopping center is situated on two parcels owned by different entities. The remaining duration of the co-terminus ground leases was problematic for many lenders who prefer longer duration collateral. Additionally, the dry cleaner tenant […]
$34MM Multifamily Recapitalization | New York, NY
Structured and arranged a permanent loan to refinance a stabilized portfolio of three multifamily properties in Manhattan, NY Challenges The client’s existing fixed rate loan was converting to a significantly higher floating rate. Additionally, the client desired to lock in the longest term possible given the prevalence of historically low rates.
$43MM Multifamily Recapitalization | GA, AL & MS
Placed a fixed-rate permanent loan to recapitalize three garden apartment rental communities – totaling 604 units – located in Covington, GA, Dothan, AL and Robinsonville, MS. Challenges Client desired to repatriate capital while retiring a bridge loan prior to completing the full value-add turnaround strategy. Furthermore, the well-performing properties were located in tertiary submarkets.
$29MM Build for Rent Development | Huntsville, AL
Placed a revolving first mortgage construction loan to complete development of remaining 95 units in a 178-unit multi-family community located in Huntsville, AL Challenges In response to market demand and rents far above pro-forma for this innovative design, Client sought a larger, more flexible construction loan to accelerate development and build-out. An existing construction loan […]
$23MM Retail Acquisition | Myrtle Beach, SC
Placed a permanent loan for the acquisition of a stabilized oceanfront vertical entertainment complex in Myrtle Beach, SC. Challenges The Anchor tenant had not yet taken possession of their space thereby creating a potential issue for credit underwriting and pricing. Furthermore, the closing could not be pushed out further due to the buyer’s 1031 exchange […]
$36.5MM Build for Rent Development | Huntsville, AL
Structured and placed a revolving first mortgage construction loan to complete the development of the remaining 220 units in a 398-unit Build for Rent community located in Huntsville, AL. Challenges The client desired to accelerate the completion of a large multi-phase development with a non-recourse high-leverage revolver. Due to the modular nature of construction, special […]
$10MM Retail Acquisition | VA & NC
Structured and arranged a combination of long-term, fixed-rate senior debt and joint venture equity to capitalize the acquisition of two grocery-anchored retail shopping centers in Petersburg, VA & Norlina, NC. Challenges The properties are located in tertiary markets and the Anchor tenant was set to roll during the contemplated term of the loan. The borrower […]
$18MM Multifamily Recapitalization | Memphis, TN
Structured and arranged a permanent loan to recapitalize a garden-style multifamily complex totaling 436 units. Challenges Though newly renovated, the property’s tertiary location was outside the lending footprint of many lenders. Additionally, the sponsor created substantial value by fully renovating and repositioning the property and a standard-sized recapitalization would provide a substantial cash out to […]
$15MM Land Recapitalization | Daytona Beach, FL
Structured and arranged a short-term, fixed-rate bridge loan to fund predevelopment costs of a multi-phase mixed-use marina, hotel and retail project in Daytona Beach, FL. Challenges Client was seeking to retire an expiring bridge loan and fund the completion of remaining predevelopment obligations. Furthermore, Client desired a cash out component to repatriate monies into other […]
$43MM Build for Rent Development | Lebanon, TN
Structured and placed a revolving first mortgage construction loan for the development of a 110-building, 224-unit Build for Rent community located in Lebanon, TN. Challenges Client sought flexible construction financing adapted to an innovative development concept using modular housing deployment.
$47MM Multifamily Recapitalization | Fairfield, CT
Restructured and upsized a multi-tier capital stack to retire existing investor base. Challenges Sponsor desired to hold the newly built apartment building while it continued its master-planned, transit-oriented development of this new city near the Fairfield Metro train station. An LP investor with a restricted hold period required pay-off. Though well-leased, cash flows […]
$65.9MM Land Recapitalization | Miami, FL
Structured and arranged a fixed-rate bridge loan to fund predevelopment costs for a mixed-use hotel and multi-family project in Miami, FL. Challenges Client was seeking to retire an expiring bridge loan and fund completion of remaining predevelopment costs. Additionally, client was desiring a cash out and had difficulty providing balance sheet support for the loan.
$100MM+ Student Housing Leasehold Development | Blacksburg, VA
Structured a ground lease and appointed a developer for a 11.5-acre, 517,000-square-foot, 424-unit, purpose-built student housing complex located near the Virginia Tech campus. Challenges Client was working quickly to coincide the closing with obtaining final permit and approvals from the local municipality. The incumbent leasehold developer was required to ground lease the property subject to […]
$11.5MM Multifamily Acquisition | Memphis, TN
Structured and arranged a bridge loan to acquire a value-add 384-unit multifamily property. Challenges The property sustained significant damage from a tornado in October 2019 and was operating at 15% occupancy. After many months of negotiation, the seller requested a quick close to deal with 1031 requirements.
$22MM Mixed-Use Recapitalization | Greenwich, CT
Structured and negotiated an extension of an expired bridge loan secured by a mixed-use portfolio in anticipation of developing a 250-unit multifamily property on the site. Challenges The bridge loan matured during the COVID-induced capital markets turbulence. The eventual exit for the loan would be a challenging multifamily development in the heart of Greenwich, CT.
$7.6MM Retail Acquisition | Richmond, VA
Structured and arranged joint venture equity to capitalize the acquisition of a grocery-anchored shopping center in Richmond, VA. Challenges The anchor tenant was set to roll during the contemplated term of the loan. Dislocation in the CMBS market due to the COVID pandemic reduced available proceeds.
$9MM Land Recapitalization | Austin & Kyle, TX
Structured and arranged a cross-collateralized fixed-rate bridge loan to fund predevelopment costs on two land parcels intended for an industrial distribution center and single-family homes in Austin and Kyle, TX. Challenges Client acquired the land in two separate, all-cash transactions and wanted to finance pre-development costs bast on current market value. The financing market was […]
$35MM Build for Rent Development | Myrtle Beach, SC
Structured and placed a first mortgage construction loan to build an initial 100 houses in a 130-unit Build for Rent community. Challenges The sponsor intended to build a single-family rental housing community at a famous Legends golf course in Myrtle Beach. While most of the surrounding properties are short-term rentals, the sponsor felt […]
$7.6MM Retail Recapitalization | Gastonia, NC
Structured and placed a first mortgage permanent loan to recapitalize a 63,937 sq ft grocery anchored retail center. Challenges Sponsor desired to recapitalize their existing highly leveraged retail property with long-term debt. The current transitional loan was nearing maturity as the COVID pandemic took effect. Compounding matters, several tenants asked for rent relief […]
$10.5MM Office Acquisition | Austin, TX
Structured and arranged a bridge loan for the acquisition of an owner-occupied, 29,000 square-foot suburban office building in Austin, Texas. Challenges The asset was under contract prior to market disruption caused by the global pandemic. The market conditions exhausted a series of purchase contract extensions, and the sponsor possessed a short timeframe to close the […]
$33.2MM Multifamily Acquisition | Denver, CO
Structured and arranged joint venture equity to capitalize the acquisition of a 116-unit multifamily portfolio in Denver, CO. Challenges The off-market opportunity had a TOE closing date coinciding with the year-end holiday season. A multi-tiered equity structure created further complexities to coordinate a closing. Additionally, a potential timing gap for part of the equity created […]