Transaction Overview
Bryan Shaffer successfully placed the acquisition/reposition debt for a distressed 382 unit Multifamily property that was 40% occupied at funding. The loan closed within 7 days from when the lender received this loan request. The non-recourse loan to an international Borrower was sized to 70% of purchase plus 100% of “good-news” dollars to $3,000,000.
Challenge:Funding a severely distressed building with break-even cash flow in a 7 day window presented a significant challenge. The “off-shore” structure of the Borrower added an additional level of complexity.
Solution:Leveraging our long-term relationships and experience with an international Borrower, GSP was able to quickly identify the correct lender and close the transaction within the 7 day-deadline. Mr. Shaffer customized an ownership structure to allow for the release of the construction funds within the timeframes of the buyer.
