Brooklyn Mixed-Use Portfolio Recapitalization
- Loan Type: Recapitalization Financing
- 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.