Project Overview
Project Overview
Project Overview
Location
Pomona, NY
Location
Pomona, NY
Number of Units
637 Units (535 For-Sale Townhomes & 102 Rental Units)
Number of Units
637 Units (535 For-Sale Townhomes & 102 Rental Units)
Loan Amount
$21,300,000
Loan Amount
$21,300,000
Asset Type
Land
Asset Type
Land
Transaction Challenges:
» Relatively large land loan in a suburban market with a very specific demographic regarding the future buyer pool for the proposed townhomes. » Entitlement risk which is difficult for many lenders to get comfortable with. » The large size of the overall deal capitalization required to see the development through to completion was a challenge for some lenders to get comfortable with. » Near term maturing debt put a lot of time pressure on the deal.
Transaction Challenges:
» Relatively large land loan in a suburban market with a very specific demographic regarding the future buyer pool for the proposed townhomes. » Entitlement risk which is difficult for many lenders to get comfortable with. » The large size of the overall deal capitalization required to see the development through to completion was a challenge for some lenders to get comfortable with. » Near term maturing debt put a lot of time pressure on the deal.
ArrowREA Solution:
» Canvased the market thoroughly to procure both a quick close debt fund & traditional bank offer for our client’s review. » Generated great interest in the refi opportunity which assisted our client in getting a short-term extension from their existing lender which allowed us to proceed with a bank to close. » With the extension in hand, we had the luxury to go with the bank, who we qualitatively thought would be the best fit to take on the future construction loan down the line.
ArrowREA Solution:
» Canvased the market thoroughly to procure both a quick close debt fund & traditional bank offer for our client’s review. » Generated great interest in the refi opportunity which assisted our client in getting a short-term extension from their existing lender which allowed us to proceed with a bank to close. » With the extension in hand, we had the luxury to go with the bank, who we qualitatively thought would be the best fit to take on the future construction loan down the line.
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.