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$5,619,400
Quick Close Loan on a 382 Unit, Class C Houston Multifamily Project
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Transaction Description: 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.
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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.
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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.
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