North Carolina Multifamily Recapitalization and Construction-Completion Financing
- Loan Type: Recapitalization and Construction-Completion Financing
- Property: 50% complete, Class A garden style apartment complex, comprised of 297 units.
- Scenario: Trevian's loan allowed the borrower to recapitalize the construction loan, fund accounts payable, re-establish reserves, fund the balance of construction costs, and provide runway to lease up and stabilize the property via a step down in coupon upon achieving the certificate of occupancy.
- Result: Trevian provides construction-completion financing on over-budget and over-schedule multifamily projects. In this transaction, the borrower faced municipality mandated changes, extreme weather, and COVID related delays.