Case Study: $24MM Multifamily Property | Recapitalization | Lauderhill, FL
Structured and arranged a high-leverage, short-term bridge loan to recapitalize near term expiring debt on a 352-unit multifamily property in Lauderhill, Florida.
Ownership had not yet completed renovations on all the units and significant vacancy still existed in the final phase of the project. Additionally, the challenging neighborhood and lack of operating history made obtaining a full permanent loan difficult. With a near-term maturity of the prior renovation/acquisition loan looming, the client had a tight timeline to recapitalize the debt.
Identified a CDO lender willing to provide a bridge loan with a flexible prepayment structure. Even though there were multiple title issues and unfinished renovations the lender structured numerous holdbacks to address its concerns. The transaction closed in 7 days over the Thanksgiving holiday period.