3-in-1 Multi-Family Acquisition | Garland, Texas
Terrydale Capital
Jun 22, 2022 3 Min read
Today’s Deal Spotlight centers on the acquisition of a commercial multifamily asset in Garland, Texas. From the outset, it was clear that factors surrounding liquidity, expiration dates, and deadlines would create obstacles to a successful close. Therefore, our client needed a team with the experience to tackle this head-on.
What We Were Up Against
As a pre-requisite to sufficient liquidity for the deal, our client had to first refinance two commercial properties and sell another. They also had expiring payoff statements to work around, and their entities were due for a renewal which could cause further delays.
What Our Team Helped Turn Around
This was a three-in-one financing project, as Team TDC had to quickly close the two pre-requisite refinances and then move in to tackle the acquisition. After successfully working with the Secretary of State to reinstate our client’s LLC before the payoff statements could expire and delay the closing date by 30 days, we also secured a loan from the seller with no origination or exit fees to offset reduced loan dollars. Right on time, we closed with the following terms:
- An $8,832,000 Loan Amount
- 6.875% Fixed Interest Rate
- 2-Year Loan Term + Two 12-Month Extensions
- Full-Term Interest-Only
- 70% LTC and No Prepayment Penalty.
In Closing
Terrydale Capital consistently goes above and beyond to secure the best-refinancing terms for our clients. Whether your deal is a standard acquisition, a complicated beast requiring extra negotiation and managed communication, or something in-between, we have ways to help. Give us a call to see what we can do for you.
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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.
