$29,000,000
7.00%, LOCKED AT APPLICATION
3+ year term + extension option
Interest Only Full Term
No Presale Requirement
18 story building, 40 units + retail. Developer is required, due to historical and architectural nature of current improvements, to leave the existing facade on the lower levels and build the high-rise above. An architectural challenge that our client was able to solve for.
Client had taken over a development that, at one time, had several pre-sales. The previous developer never broke ground, and refunded all the deposits. Our client, purchased the site, re-engineered the development and believed that due to the stigma from the previous development, pre-sales would be difficult until after ground breaking. The local sales brokers were potentially not willing to work on pre-selling again until they had confidence that it would actually be built. Banyan secured debt that accomplished the goals of the client, non-recourse construction with no presale requirement, and long enough term to have the ability to sell the units over time, if need be.
Private Equity Fund Execution
Closed by Zach Nimhauser & Michael Brown
zn@banyancc.com
mb@banyancc.com
