$1.7MM Multifamily Acquisition | Columbus, Georgia
Terrydale Capital
Jul 17, 2023 4 Min read
In the Commercial Real Estate industry, timing plays a crucial role in dealmaking, and investors need to be ready for varying timelines depending on their specific circumstances. In today’s deal spotlight, we dive into the $1,700,000 acquisition of a Multifamily asset in Columbus, GA where a variety of challenges presented a more extended timetable. See how our team was able to stick with the client through the entire process and take off their burden in order to close the deal successfully.
Challenges We Faced
Our client came to Terrydale Capital in order to finance the acquisition of a multifamily asset but faced an uphill battle as they had recently experienced bankruptcy. Therefore, in order to fund this project, the sponsor had to complete the sale of a parcel of the land. In addition, while the transaction was in closing, the sponsor made multiple trips out of the country, making correspondence difficult.
How We Met Those Challenges
The first order of business was to address the bankruptcy especially to lenders. However, by providing color and context to the bankruptcy, we were able to secure a lender that was able to overcome this roadblock. In order to ensure the timing of the transaction was clear, our team provided timely and informative updates to all parties involved. Finally in order to reduce burden on behalf of the sponsor, our team maintained communication with all relevant parties directly. Ultimately, we were successfully able to secure the following terms:
- $1,700,000 Acquisition
- 10.47% Fixed Interest Rate
- 36-Month Loan Terms
- No Amortization
- 67% LTV
In Conclusion
At Terrydale Capital, we understand there is no one size fits all approach to a commercial transaction and we assured our client that not only would they have a reliable partner throughout the entirety of the transaction, but a partner beyond closing. Despite a longer timetable, our team utilized our collective experience, widespread industry connections and maintained constant communication in order to successfully close the deal. When you need a partner ready to go to bat for you and ensure your investment success, look no further than Terrydale Capital. 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.
