Case Study: $9MM Multifamily Property | Refinancing | Fort Lauderdale, FL

Structured and arranged medium-term, fixed-rate senior debt to refinance 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.

Solutions

Identified a local bank that was familiar with the property and worked with the lender to structure numerous earn-out mechanisms, allowing the borrower to receive additional funds once the property demonstrated the expenses were non-recurring and the boat slips were fully leased up.