Amount: $5,000,000 • LTV: 60% • Rate: 8.25%
Property
A 6-story, 18,000+ square foot multifamily building set for full-property upgrades and unit repositioning. Park 49 provided an expedited $5,000,000 senior acquisition loan to facilitate the time-sensitive closing.
Scenario
The borrower was under contract to acquire a 6-story, 18,000+ square foot multifamily asset with plans to execute a value-add repositioning strategy, including exterior refurbishment, common area modernization, and full interior unit renovations. When their traditional bank lender stalled and could not meet the mandatory 30-day closing deadline, the acquisition was put at immediate risk. The client engaged Park 49 to step in and execute a rapid-closing debt solution. Moving with high speed, Park 49 completed full underwriting, asset evaluation, and loan structuring in under 15 days, successfully closing an $18,000,000 equivalent / $5,000,000 senior acquisition facility at 60% LTV. The 8.25% short-term bridge structure secured the property for the sponsor and provided the immediate execution necessary to launch their value-add capital expenditure plan.