Property: Five-story loft residential building with ground floor and cellar retail space
Scenario: Trevian's loan was used to refinance a matured senior mortgage and finance the gut renovation of the property into four residential condominium units with a ground-floor retail condominium.
Result: Trevian provides renovation and construction-completion loans to sponsors who have gone over budget or over schedule on their project and need to refinance their existing construction loan for more proceeds and more time.
Scenario: Trevian's loan financed the acquisition of the property and capitalized the cost of renovations, tenant improvements, and leasing commissions.
Result: Trevian lends on value-add properties where structure and flexibility are key. In this transaction, Trevian i) allowed the sponsor to sell off an outparcel simultaneous with closing, ii) gave the sponsor adequate time to execute on the business plan, and iii) limited the minimum interest period to allow the sponsor to pay off as soon as they were able.