Value-Add Loan for Apartment Complex
Property Location:
Memphis, TN
Property Type:
Multi-family Apartments
Loan Amount:
$1.2 million
Loan Purpose:
Refinance and Renovation Loan for 112-unit multi-unit garden apartments
Situation:
Brookview funded a $1.2mm bridge loan on this 112-unit garden apartment complex that was in need of significant repair. There was also an existing seller loan that was maturing, but the property was not stabilized for conventional financing. The sponsors were also in a liquidity crunch in part due to unexpected weather damage.Why Brookview: Speed, Reliability, Creativity and Flexibility! Brookview closed this loan in 15 days, paying off the existing seller debt and allocated reserves for repairs and interest. During the course of this loan, we funded renovations for roofs, staircases, exterior siding, HVAC, new kitchens, baths, painting, and more. These renovations eventually helped get the property refinanced into a longer-term debt solution. This was the second transaction Brookview closed with this sponsor.
Brookview is a boutique private lender, backed by over $10 billion in discretionary capital. We have the experience, creativity and flexibility to quickly figure out solutions to challenging deals, and a non-bureaucratic approval process. Brokers and borrowers often come to us when other lenders were not able to provide a solution.