Multifamily Lender Provides a Split Tranche Funding Structure
The sponsorship for 139-unit Bond Apartments in Redmond sought maximum loan proceeds during the recent purchase process. At the same time, it acquired a new asset at a desirable basis during its lease-up. COVID-19 slowed the leasing velocity and suppressed rental collections prior to closing which negatively impacted the loan sizing of conventional permanent lenders. …
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