Case Study: $29.3MM Multifamily Development | Construction | 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 had to be replaced mid-stream with a facility that allowed collateral releases and pay downs to efficiently manage equity capital deployment.

Solution

Identified a specialized lender experienced with a similar development strategy and product. Structured a non-recourse senior-secured revolving facility that would grant Client the flexibility they desired to accelerate their development strategy. Facilitated and managed a complicated closing process to avoid construction and delivery delays.