Property: Luxury 10-unit residential condominium project with ground-floor retail.
Scenario: Proceeds from Trevian's loan were used to pay off the previous lender, complete construction, fund an interest reserve and partially pay down a preferred equity position after an expected injection of fresh equity did not take place.
Result: Trevian lends to Sponsor's who are in need of recapitalization financing in order to re-establish reserves, complete construction, and/or buy-out or pay-down investors. Trevian is used to moving quickly and can close a construction completion project in as quickly as 2 - 3 weeks.
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.
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.
Property: 400,000 square foot self-storage and warehouse facility.
Scenario: Trevian's loan was used to pay off a matured CMBS loan, fund the build-out of additional self-storage units, and return equity to the sponsor, who was unable to secure conventional financing due to historical litigation.
Result: Trevian lends to sponsors whose bankruptcy and/or litigation histories complicate their ability to obtain conventional financing. In instances where permanent financing is unlikely even after the bridge loan, Trevian can facilitate a bridge-to-sale.
Property: Two multifamily complexes comprised of 322 garden-style apartment units.
Scenario: Trevian's loan was used to pay off a matured first mortgage on their over-leveraged asset by pulling equity out of the other, lower-leveraged asset.
Result: Trevian provides loans to sponsors who have defaulted on their existing debt and need to stave off foreclosure. Trevian's financing brought the combined LTV below conventional debt capacity in order to provide a clear path for a conventional exit.
Property: A 13 unit residential condominium project consisting of 13,166 net square feet and 11 parking spots.
Scenario: Trevian's loan was used to recapitalize the partnership, complete construction, and market and sell the condo units.
Result: Trevian provides financing to help sponsors recapitalize partnerships. In this case, Trevian provided funding to allow the Sponsor to buy out the partnership, complete construction and provide more time to market and sell the condominium units.
Property: Multifamily complex comprised of 200 garden-style apartment units.
Scenario: Trevian's loan allowed the sponsor to avert an imminent maturity default on an expiring CMBS loan after a conventional lender exited the transaction shortly before a scheduled closing due to sponsor credit issues.
Result: Trevian provides speed and certainty of execution, which is particularly vital on transactions like this, which had to close in four business days.
Property: Full service hotel with 256 rooms and 25,000 square feet of meeting and banquet space.
Scenario: Trevian's loan was used to pay off matured and defaulted first and second mortgages and to pay off various additional liens and obligations that resulted from a required PIP taking longer to complete and costing more than anticipated.
Result: Trevian lends on recently renovated assets that need to be seasoned prior to being refinanced via local bank, agency, CMBS or other conventional sources.
Property: Luxury single-family home comprised of 9,216 square feet and a 50,390 square foot grocery-anchored shopping center.
Scenario: Trevian's loan was used to refinance defaulted first mortgages on both properties.
Result: In instances where a sponsor's credit history makes permanent financing unlikely even after the bridge loan, Trevian can provide a bridge-to-sale solution that gives the sponsor enough time to market and sell the asset without urgency.
Property: Seven multifamily complexes comprised of 269 garden-style apartment units.
Scenario: Trevian's loan was used to pay off and consolidate five existing loans on the properties, fund capital improvements, and improve the sponsor’s liquidity and credit position to prepare for Agency debt.
Result: Trevian can help sponsors clean up asset-level accounting, repair credit and prepare for a conventional refinance. In this case, Trevian helped the sponsor organize the books and build up adequate liquidity to qualify for a Freddie Mac loan.
Property: Independent senior living facility comprised of 99 units.
Scenario: Trevian's loan was used to refinance an existing senior loan and return equity to the sponsor group, which they used to effectuate the time-of-the-essence acquisition of another senior living conversion project.
Result: Trevian can help sponsors access liquidity by providing cash-out refis on low-leveraged assets. This transaction was complicated by the fact that the primary sponsor was party to litigation.
Property: Luxury duplex condominium unit totaling 3,417 square feet.
Scenario: The sponsor, a foreign national, was unexpectedly unable to onshore sufficient funds to close and was at risk of losing an approximately $950,000 earnest money deposit until Trevian provided a debt solution.
Result: Trevian lends to foreign nationals who are often unable to qualify for conventional debt and can close quickly to meet the needs of a time-sensitive transaction.
Scenario: Trevian's loan allowed the sponsor, the Odessa Housing Authority, to buy out its equity partner and prevent the forced-sale of its most mission-critical affordable housing asset.
Result: Trevian's is comfortable lending to not-for-profit agencies and structuring transactions with complex legal structures including, in this case, land use restriction agreements, ground leases, and reciprocal easement agreements.
Property: Multifamily complex comprised of 196 garden-style apartment units.
Scenario: Trevian's loan was used to finance the time-sensitive acquisition of the property and provide funds for renovations.
Result: Trevian lends on value-add multifamily properties that need to be renovated and stabilized before they can be refinanced with Agency, HUD, local bank, or CMBS financing. Trevian works in tandem with Seller-Servicers to facilitate the Agency or HUD exit when applicable.
Property: Luxury condominium unit totaling 2,505 square feet.
Scenario: Trevian's loan financed the time-sensitive acquisition of the property after the sponsor's untimely loss of employment made conventional financing temporarily unobtainable.
Result: Trevian lends on extremely time-sensitive transactions that have to close in two weeks or less. This loan required a six-day closing. Adding to the complexity was the fact that the sponsor was a foreign national.
Property: Multifamily complex comprised of 39 apartment units in nine buildings.
Scenario: Proceeds from Trevian's loan were used to finance the time-of-the-essence acquisition of the property after the sponsor lacked sufficient credit history to qualify for an agency loan and the property contained an environmental issue.
Result: Trevian is well-versed in lending to non-credit worthy borrowers and in environmentally challenged properties. Trevian has deep experience structuring transactions with environmental concerns. In this case, the property has several underground storage tanks requiring an environmental investigation and mitigation.
Property: 25 acres of undeveloped residential land, subdivided into five lots.
Scenario: Proceeds from Trevian's loan were used to pay off existing defaulted debt on the Property, settle a number of personal debts of the Sponsors, and provide a return of equity.
Result: Trevian selectively lends on undeveloped land in liquid markets and at a low basis. In this instance, Trevian was able to provide a timely and flexible solution to the sponsors, including a substantial return of cash, in light of the low loan-to-value.
Property: 6,500 square foot mid-rise apartment building and 4,600 square foot mid-rise apartment building with ground floor retail space.
Scenario: Trevian's loan was used to pay off maturing first mortgages that had been sold to an aggressive third party investor who was planning to foreclose on the assets. The sponsor experienced extensive renovation delays when the Department of Buildings shut down the jobsite due to structural concerns.
Result: Trevian lends to sponsors who need to act quickly to avoid foreclosure. In this instance, Trevian's loan was also used to complete renovation and lease up the properties.
Property: Multifamily complex comprised of 46 garden-style apartment units.
Scenario: Trevian’s loan was used to finance the time-sensitive acquisition and renovation of the property following a Fannie Mae kick-out.
Result: Trevian lends on value-add multifamily properties that need to be renovated and stabilized before they can be refinanced with Agency, HUD, local bank, or CMBS financing. Trevian works in tandem with Fannie/Freddie providers to facilitate the Agency or HUD exit when applicable.