Case Study: $15.6MM Multifamily Property Portfolio | Acquisition

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. Sponsor's strategy would entail creating additional vacancy 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.

Solutions

Conducted a comprehensive marketing process to identify a lender able to understand the business plan and fund significant future improvements. The loan was structured as a cross-collateralized blanket, allowing for higher proceeds and better pricing. Immense effort was expanded corralling the different entities involved due to the lender being a non-exclusive correspondent.