The Madison Group (TMG), a leading national lending source for
multifamily finance, arranged the $8,500,000 purchase and renovation financing
for a 112-unit apartment complex located in metro Utah.
The borrower, an investment group, was looking for a
financing facility to purchase a 112-unit apartment complex in Salt Lake City,
UT. The request needed to include
significant construction dollars to renovate about 30% of the complex due to
fire damage. The desired terms included 75% LTV and needed to be nonrecourse. The borrower has multiple lending
relationships in the market but asked The Madison Group to bring them
competitive offers that their existing relationships could not provide. TMG was able to source nonrecourse
purchase/construction financing in a bridge product to allow the borrower to
take down the property, renovate the non-preforming units, stabilize, and then allow
for a refinance into agency or other traditional perm debt in the future. TMG walked the borrower through a very
comprehensive origination process with its in house processing team and closed
the deal on time and at the terms originally quoted.
Location: UT
Property: Apartment
Complex
Loan Amount: $8,500,000
Interest Rate: 4.50%
Term: 2 Years
Prepayment: 1%
unless refinanced with agency debt
LTV: 75%