New Jersey Multifamily Recapitalization
East Orange, NJ
- Loan Type: Multifamily recapitalization
- 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.