$1.14MM Multifamily Acquisition | Dallas, Texas
Terrydale Capital
Nov 11, 2024 3 Min read
When it comes to meeting challenges at the gate, Terrydale Capital sits highly prepared to go to bat for our clients. When our client came to us with a multifamily property acquisition in Dallas, Texas facing some strong challenges, we were more than ready to get to work.
What We Were Up Against
Our team was faced with overcoming some major challenges when financing this deal. At the outset, the seller opened an insurance claim weeks before the original contract deadline due to damage incurred on the property in relation to a large storm that came through, creating an insurance coverage ineligibility. The property had tenant occupancy challenges during the closing process and our team helped work out solutions with all parties to navigate closing despite dropping below 90% occupancy for over a month. Borrowers were working through estate planning and complicated ownership structures that required more time in due diligence.
How Terrydale Rose to Meet the Challenge
Our team went to work fighting for this deal. Inspectors were engaged to assess property damage, and the claim was closed after it was determined that it was not congruent with the total damage. Terrydale held weekly discussions with multiple parties involved including the property manager to brainstorm ideas marketing efforts to bring occupancy back up over the 90% minimum requirement. We took our time with all parties to layout the structure and bring all parties to a comfortable position to close. Ultimately, we were able to secure the following terms.
- $1,140,000 Acquisition
- 6.55% Interest Rate
- 10-Year Term | Interest Only
- Non-Recourse
- 60% LTV
In Closing
Terrydale Capital is posed to tackle any kind of deal that comes through our doors, challenges and all. We pride ourselves on being able to garner success for our clients and secure the best terms by utilizing our wide breadth of lenders and broader industry connections as well as taking advantage of market opportunities when they come. When you need a partner to go to bat for your acquisition, the Team at Terrydale is the right choice. Contact us today!
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Headquartered in Dallas, Texas, Terrydale Capital is a leader in commercial real estate financing. We have close relationships with the nation’s top banks, lenders & family offices allowing us to provide the most competitive financing solutions in the market.
