NEW YORK, August 4, 2021 / PRNewswire / – Trevian Capital, a direct lender that provides flexible and reliable short-term bridging loans for multi-family and commercial real estate opportunities nationwide, recently funded five first mortgage bridging loans totaling $ 102,125,000. Three of these bridging loans were the completion of construction of intermediate projects while the other two were helping to implement value-added business plans.
Trevian Capital recently funded $ 102,125,000 in bridging loans
“These five transactions exemplify Trevian’s user-friendly bridging products for multi-family and transitional and value-added commercial real estate transactions. Our ability and willingness to intervene midway is unique in our industry. We are able to assess Quickly execute a borrower’s business plan, seamlessly execute a single solution tailored to the borrower’s needs and provide speed and excellent communication throughout the life of the loan. Often we do two draws per month , which highlights our desire to meet the needs of projects / borrowers. “- Michael hoffenberg, founder and managing director
Huntersville, North Carolina – $ 54,000,000
Trevian Capital funded a $ 54,000,000 first mortgage bridge loan secured by a garden-style apartment complex of 297 units in Huntersville, North Carolina which was under construction and only 50% complete. Municipal revisions to approved construction plans, COVID-related delays and excessive rains have resulted in construction delays and cost increases. The Trevian loan recapitalized the construction loan and provided proceeds to fund accounts payable, complete the rest of the construction, and lease the property until stabilized.
Astoria, New York – $ 6,450,000
Trevian Capital funded a $ 6,450,000 first mortgage bridge loan guaranteed by a 10-unit boutique residential condominium, 97% completed in the Astoria neighborhood Queens, New York. The borrower expected construction to be completed in summer 2020, but COVID-related construction and supply chain delays have resulted in schedule overruns and cost increases. The Trevian loan paid off the maturing construction loan and funded the final cosmetic finishes, accounts payable and an interest reserve.
Atlanta, Georgia – $ 13,625,000
Trevian Capital funded a $ 13,625,000 first mortgage bridge loan guaranteed by a garden-style multifamily complex of 238 period units from the 1970s to Atlanta, Georgia. The borrower acquired the property from an absent seller who neglected it for years. Trevian’s loan funded the acquisition and will fund the renovations while providing a track to transport the property through rental and stabilization.
Burlington, North Carolina – $ 24,500,000
Trevian Capital funded a $ 24,500,000 first mortgage bridge loan secured by a 183-unit garden-style apartment complex in Burlington, North Carolina which was under construction and only 60% complete. Buried debris uncovered during the land development phase and COVID-related delays have resulted in construction delays and cost increases. The Trevian loan recapitalized the construction loan and provided proceeds to fund accounts payable, complete the rest of the construction, and lease the property until stabilized.
Cleveland, Ohio – $ 3,550,000
Trevian Capital funded a $ 3,550,000 first mortgage bridge loan secured by a former 1960s garden-style apartment complex 91.5% occupied, 94 units, in the suburbs Cleveland, Ohio. Trevian’s loan helped finance the acquisition and repositioning of the property. In view of the short-term business plan, the sponsor selected Trevian for its ease of use and the speed of financing the capex.
Capital of Treviso (www.treviancap.com) provides flexible, reliable and timely first mortgage bridging solutions to the commercial real estate industry. Trevian Capital lends to borrowers whose needs do not meet conventional timing and / or underwriting guidelines. Trevian Capital specializes in non-traditional financing where expertise, attention to specific circumstances and certainty of execution are essential.
Contact: Michael hoffenberg (212) 376-5636; [email protected]
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SOURCE Trevian Capital