Case Study: $30.5MM Multifamily Property | Recapitalization | Baton Rouge, LA
Arranged a fixed-rate permanent loan to recapitalize a newly built 224-unit apartment complex in Baton Rouge, LA.
Client was seeking to retire a high-levered bridge and mezzanine loan combination with near-term expiration. Timing was critical since the newly constructed property was still in lease up and the loan would only fund upon a set occupancy hurdle. Since the property was not yet fully seasoned, there was some ambiguity in underwriting normal run-rate expenses.
Eyzenberg & Company identified a lender willing to provide 75% LTV for a tertiary market property. Secured an early rate lock to mitigate interest rate volatility – while delaying closing – to enable the property to achieve required occupancy and avoid a prepayment penalty on the existing capital stack.