We sourced an unusual interim Bridge Lender who stepped up and funded these loans quickly on behalf of our Client who had unusual timing pressures.
Dallas, TX (PRWEB) March 06, 2012
Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the exclusive representation of investors, developers and property owners in the commercial real estate capital markets, has arranged two Bridge Loans for the refinance of Southwest Oaks & Summerhill Apartments. Both properties are located in Midland/Odessa, Texas.
Southwest Oaks is a 170-unit (132,500 SF) complex that was built in two phases in 1973 and 1976. The property is located at 4651 Oakwood Drive and 1465 John Ben Sheppard Pkwy.
Summerhill is a 127-unit (106,250 SF) apartment complex that was built in 1979. The Property is located at 3001 North Midland Drive.
“We sourced an unusual interim Bridge Lender who stepped up and funded these loans quickly on behalf of our Client who had unusual timing pressures,” said Scott Lynn, Director and Principal of Metropolitan Capital Advisors.
The Borrower had an immediate need for Bridge Financing to comply with a divorce decree that required the removal of the ex-spouse from the previous bank mortgage recourse obligations. The Borrower is utilizing the Bridge Loan to allow the procurement of a fixed- rate HUD loan that was applied for at the time of the Bridge Loan closing. Today, both properties are over 90 percent occupied.
The loans were underwritten at 62.5 percent LTV yielding a $4.8 million for The S.W. Oaks Apartments and $3.25 million for Summerhill. The interest rate was floating at 6.75 percent over LIBOR for the one-year loan term. The loans were cross-collateralized and on an interest only schedule. MCA Senior Director Todd McNeil was responsible for arranging both the transactions.
Since 1992, Metropolitan Capital Advisors has closed in excess of $8 billion of debt and equity transactions. National Real Estate Investor Magazine recently ranked MCA No. 18 on its Annual “Best of the Best” Financial Intermediaries list for 2011.
About Metropolitan Capital Advisors
Metropolitan Capital Advisors specializes in the exclusive representation of investors, developers and property owners in the real estate capital markets. Since 1992, Metropolitan Capital Advisors has closed in excess of $8 billion of debt and equity transactions on behalf of a multitude of commercial property owners, developers and investors. National Real Estate Investor ranked Metropolitan Capital Advisors No. 20 on its Annual Top Financial Intermediaries list.
Metropolitan Capital Advisors is staffed with a team of professionals that specialize in specific components of the "Transaction Process" (i.e. underwriting, marketing, processing and closing). All of Metropolitan Capital Advisors' senior directors have an average of at least 15 years of professional experience. Metropolitan Capital Advisors’ staff has expertise and capabilities in a vast array of debt and equity services, including construction and permanent debt, structured finance, and portfolio transactions.