$1.6MM Multifamily Acquisition | Hermitage, Tennessee
Terrydale Capital
May 13, 2024 3 Min read
Terrydale Capital is always prepared to meet the challenge on any commercial asset that comes our way. Today’s deal spotlight centers on the $1.6 million dollar acquisition of a multifamily asset in Hermitage, Tennessee where a variety of roadblocks needed to be overcome. When the borrower needed the best financing for their goals, our team was ready to get to work.
What We Were Up Against
The borrower came to Terrydale seeking competitive terms on their multifamily acquisition in a continually unpredictable market. The in-place lease structure of the property presented the first roadblock to overcome with week-to-week leases being a less than desirable structure for prospective lenders. As we continued to power through, the property manager presented another roadblock as they were not accommodating as to assisting with requests.
How Terrydale Rose to Meet the Challenge
Spearheaded by Tom Hatch, our team went to work and covered the entire bridge market to find the right lender for the asset type and location. We provided an option with a sub-10% rate with lower leverage, but the borrower decided to move forward with the higher leverage option. We were able to utilize one of our most trusted lenders that has the ability to execute quickly and work in-line with the borrowers strategy. Ultimately, we were able to secure the following terms:
- $1,631,000 Acquisition
- 10.275% Interest Rate
- 2-Year Term
- Interest Only
- 70% LTV
In Closing
At Terrydale Capital, we possess extensive expertise across all categories of commercial properties. Leveraging our years of experience and robust network of lender relationships, our dedicated team is committed to surpassing expectations for our clients by securing highly competitive financing solutions. When you're seeking a trusted partner for your commercial real estate investment ventures, contact us today!
Partner With Terrydale Capital for Your Debt Financing Needs
When it comes to debt financing, understanding the right timing, process, and options is crucial. At Terrydale Capital, we provide a comprehensive range of commercial loan solutions tailored to meet your business's unique needs.
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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.
