Amount: $15,000,000 • LTV: 67% • Rate: 5.25%
Property
A 15-story, 51-unit Class B multifamily rental building constructed in the 1980s. Park 49 provided financial advisory and capital restructuring services to arrange a $15,000,000 senior debt package for the asset.
Scenario
The borrower, an experienced regional owner, faced an impending balloon maturity on a 15-story mid-rise rental property burdened by accumulated interest from a prior bridge structure. To prevent default and reposition the vintage 1980s asset, the client retained Park 49 to advise on and execute a comprehensive debt restructuring. Park 49 negotiated directly with capital providers to replace the maturing obligation with a stable $15,000,000 senior refinancing package at a 67% LTV. The structured solution fully extinguished the existing balance while delivering non-dilutive capital proceeds designated for facade restoration and interior/common area upgrades. Securing a competitive 5.25% fixed interest rate eliminated near-term maturity risk and provided the runway needed to drive revenue through planned capital improvements.