North Carolina Multifamily Recapitalization and Construction-Completion Financing
$24,500,000
Burlington, NC
- Loan Type: Recapitalization and Construction-Completion Financing
- Property: 60% complete, Class A garden style apartment complex, comprised of 183 units.
- Scenario: Trevian's loan enabled the borrower to pay off the defaulted construction loan, fund accounts payable, re-establish reserves, fund the balance of construction costs, obtain a certificate of occupancy, and provide runway to lease up the property to stabilization via a step down in coupon upon achieving the certificate of occupancy.
- Result: Trevian provides bridge loans on mid-construction multifamily projects that have gone over schedule and/or budget, and where additional time and proceeds are required.
