Property: Garden-style multifamily complex consisting of 856 housing units.
Scenario: Proceeds from Trevian's loan were used to pay off existing debt, fund the completion of interior renovations, and return equity to the sponsor.
Result: Trevian provides recapitalization financing for partial cash outs and provides sponsors with additional time to season operations at a lower cost of capital.
Property: Development site zoned as-of-right for 94,000 square feet of residential development.
Scenario: Trevian's loan financed the acquisition of the property and provided time for the sponsors to complete predevelopment activities and secure a construction loan.
Result: Trevian finances acquisitions and recapitalizations of fully-entitled land in strong urban-infill locations, to bridge until a construction loan can be secured.
Property: 10-unit luxury residential condominium building 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 sponsors who are in need of recapitalization financing in order to re-establish reserves, complete construction, and/or buy out or pay down investors. Trevian can close a construction completion loan in as quickly as two to three weeks.
Property: 46-unit luxury residential condominium property with a ground-floor community facility
Scenario: Proceeds from Trevian's loan were used to pay off the previous lender, fund an interest reserve, complete construction, and provide a runway to market and sell the units.
Result: Trevian lends to sponsor's who are in need of recapitalization financing in order to re-establish reserves, payoff outstanding liens, and complete construction. Trevian allowed a portion of proceeds from initial sales to be used to refill various reserves.
Property: A 138-unit, newly constructed, Class A multifamily complex.
Scenario: Trevian's loan provided a lower cost of capital, a partial return of equity to investors, and a replenishment of the interest reserve.
Result: Trevian can lower the sponsor’s cost of capital during construction-completion and/or lease-up, and will provide cash out to return equity to investors and replenish reserves as needed.
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.
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: 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: Two multifamily complexes comprised of 788 garden-style apartment units.
Scenario: Trevian's loan allowed the sponsor to exit bankruptcy on their over-leveraged asset by pulling equity out of the other, lower-leveraged asset.
Result: Trevian can help sponsors navigate an exit from bankruptcy and negotiate discounted payoffs from their existing lenders.
Property: Mixed use mid-rise comprised of 13 apartments and five medical offices.
Scenario: Trevian's loan was used to refinance a defaulted first mortgage and provide the sponsor, who had recently inherited the property, with time to formulate a business plan.
Result: Trevian helps troubled sponsors solve short-term problems and pave the way for a conventional refinance.
Property: Garden-style multifamily complex consisting of 160 apartment units
Scenario: Proceeds from Trevian's loan were used to pay off the existing defaulted loan, replenish the interest reserve, complete the remaining renovation, lease up the property and sell upon stabilization.
Result: Trevian works with sponsors who need a lender to step in mid-construction despite previous delays, cost overruns, and changes in scope. Trevian will lend to borrowers who are in default on their existing loans.
Property: A 13-unit residential condominium property consisting of 13,166 net square feet and 11 parking spaces.
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. Trevian provides cash-out loans to buy out partners on failed partnerships.
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: Two multifamily complexes comprised of 224 garden-style apartment units.
Scenario: Trevian's loan provided acquisition financing that allowed the sponsor to preserve a 1031 exchange when conventional lenders were unable to meet a time-of-the-essence closing deadline.
Result: Trevian provides speed and certainty of execution to close on tight and inflexible timeframes, which is particularly crucial in the case of 1031 exchanges.
Scenario: Trevian's loan financed the time-of-the-essence acquisition of the property and included funds for the renovation of 9,000 square feet into multi-tenant retail space.
Result: Trevian provides short-term and flexible financing to fund capital expenditures, tenant improvements, and leasing commissions associated with new leases.
Property: Development site zoned as-of-right for 16,250 square feet of residential development.
Scenario: Trevian's loan was used to acquire the property and carry it through predevelopment until an assemblage with an adjacent lot was consummated and a construction loan obtained.
Result: Trevian lends on fully-entitled development sites in core urban-infill locations that need to be bridged until a construction loan can be obtained.
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: A 5,974 square foot, six bedroom luxury single family townhome.
Scenario: Trevian's time-of-the-essence loan was used to retire the existing bank loan, fund reserves and provide the sponsor additional runway to property market and sell the property.
Result: Trevian can move quickly to refinance maturing loans and provide sponsors with additional time to execute their business plans.
Property: Two-property, multifamily portfolio comprised of 464 garden-style units.
Scenario: Trevian's loan enabled the sponsor to acquire and renovate a poorly managed and 40%-occupied portfolio, with multiple complexities.
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.
Property: Luxury townhouse comprised of 7,636 square feet, eight bedrooms, and six bathrooms.
Scenario: Trevian's loan was used to pay off existing debt, return equity to the sponsor, and provide for additional time to market the asset, which recently underwent a $2.5 million renovation.
Result: Trevian lends on for-sale or for-investment single family homes and condos, provided they are not primary residences.
Property: Multifamily complex comprised of 126 garden-style apartment units.
Scenario: Trevian's loan allowed the sponsor, a foreign national living abroad, to exit bankruptcy by paying off a defaulted first mortgage and to settle federal and state tax liens.
Result: Trevian is experienced in helping sponsors navigate an exit from bankruptcy and communicating directly with courts and creditors.
Property: Multifamily complex comprised of 120 garden-style units across fifteen buildings.
Scenario: Proceeds from Trevian's loan were used to finance the acquisition and renovation of the property after the sponsor purchased the project via foreclosure.
Result: Trevian provides bridge loans on multifamily assets that are not yet ready to be financed with Freddie, Fannie, or FHA loans.
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.
Property: Class B office building comprised of 40,000 square feet.
Scenario: Trevian's loan was used to pay off a defaulted first mortgage that was in foreclosure.
Result: Trevian provides rescue financing to help sponsors save assets from foreclosure. In this case, Trevian helped break a stalemate between the sponsor, existing lender, and anchor tenant.
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: Class A & B single-story office buildings comprised of 45,390 square feet
Scenario: Proceeds from Trevian's time-of-the-essence loan were used to pay off the existing debt, quickly satisfy accounts payable to keep the general contractor and subcontractors on the job, and fund the balance of the renovation budget.
Result: Trevian is experienced in an expediting the process to suit a tight timeframe. Trevian provides cash-out loans for borrowers who need tap equity in their existing properties for renovations or other projects.
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: 16,000 square foot multi-tenant office building and 8,000 square foot mixed-use retail and multifamily building.
Scenario: Trevian's loan was used to pay off a defaulted first mortgage.
Result: Trevian can close loans under tight and inflexible timeframes. In this case, the sponsor had to pay off the existing lender by a hard date in order to realize a significant discount.
Property: Mid-rise multifamily building consisting of 21 units.
Scenario: Trevian's loan allowed the sponsor to recapture equity from a recently gut-renovated property in order to commence a similar redevelopment of an adjacent building.
Result: Trevian lends on vacant and partially ocupied properties that need to be leased up and seasoned prior to an Agency, HUD, local bank, or CMBS permanent refinance.
Scenario: Proceeds from Trevian's loan were used to pay off existing debt and fund the completion of construction, tenant improvements and leasing commissions on an 85% pre-leased property.
Result: Trevian lends on build-to-suit scenarios in which sponsors want flexibility and need proceeds for Capex, TI and LC.
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: A nine-building multifamily complex comprised of 54 apartment units.
Scenario: Trevian’s loan was used to finance the acquisition and value-add renovation for a first-time borrower.
Result: Trevian provides loans to conventionally non-financeable sponsors as long as the property supports the loan and there is a clear path to a conventional exit.
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.
Property: Multifamily complex comprised of two garden-style apartment complexes totaling 72 units.
Scenario: Trevian's loan was used to finance a time-of-the-essence acquisition following a failed agency execution.
Result: Trevian lends on time-sensitive transactions that need surety of closing. The sponsor needed more time to find an acceptable co-guarantor and secure agency financing.
Property: Multifamily complex comprised of 26 units.
Scenario: Trevian’s loan was used to pay off an existing defaulted loan and return equity to the sponsor. Due to a historical bankruptcy, it took time for the sponsor to identify a new lender, by which point the loan had matured and the existing bank commenced foreclosure proceedings.
Result: Trevian provides rescue financing to help sponsors save assets from foreclosure. In this case, Trevian provided a short-term flexible loan to get the sponsor back on track towards a conventional refinance.
Property: Multifamily complex comprised of 67 garden-style apartment units.
Scenario: Trevian's loan was used to finance a time-of-the-essence acquisition following a failed Agency execution.
Result: Trevian provides bridge loans on multifamily assets that are not yet ready to be financed with Freddie, Fannie, or FHA loans or that have to be financed very quickly.
