Case Study: $66MM Multifamily Property | Development | New York, NY

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.

Solution

Identified a lender that got comfortable with the limited net worth and liquidity of the sponsorship team after considering the sizable land equity contribution made.

Crafted a creative off-balance sheet financial solution to "right size" the underwriting metrics, thereby allowing the borrower to minimize its additional cash requirements.