Project Overview
Project Overview
Project Overview
Location
Wilmington, DE
Location
Wilmington, DE
Number of Units
363 Units
Number of Units
363 Units
Loan Amount
$103,000,000
Loan Amount
$103,000,000
Asset Type
Office to Residential Conversion
Asset Type
Office to Residential Conversion
Transaction Challenges:
» Office to residential conversion in a secondary market » Mixed collateral including the first phase of apartments which were in lease-up, to be constructed apartments, office and retail space » Historic tax credits » High leverage needed to minimize additional Sponsor equity requirement » This complex transaction required coordination between many parties and a quick closing before the existing debt’s maturity.
Transaction Challenges:
» Office to residential conversion in a secondary market » Mixed collateral including the first phase of apartments which were in lease-up, to be constructed apartments, office and retail space » Historic tax credits » High leverage needed to minimize additional Sponsor equity requirement » This complex transaction required coordination between many parties and a quick closing before the existing debt’s maturity.
ArrowREA Solution:
» Sourced a syndicate of 4 lenders to recapitalize this project. » The existing and to be constructed apartments were refinanced with senior and mezzanine bridge loans from 2 debt funds, the remaining office space was refinanced with a regional bank. » Secured financing against the project’s historic tax credits from a bridge lender specialized in that area.
ArrowREA Solution:
» Sourced a syndicate of 4 lenders to recapitalize this project. » The existing and to be constructed apartments were refinanced with senior and mezzanine bridge loans from 2 debt funds, the remaining office space was refinanced with a regional bank. » Secured financing against the project’s historic tax credits from a bridge lender specialized in that area.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.
We partner with investors and developers to unlock optimal financing by leveraging our deep network of capital providers and delivering strategies tailored to each opportunity.