UPDATE NEW YORK MULTIFAMILY ACQUISITION AND RENOVATION FINANCING
- Loan Type:
- 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.