Project Marks Rapid Loan Closing Abilities of the Chicago-based Firm
Chicago, Il, July 11, 2019 (GLOBE NEWSWIRE) --
T2 Capital Management, LLC (T2) is pleased to announce its most recent loan closing with the T2 Strategic Real Estate Income Fund. T2 used the $13.0 million first mortgage loan to finance the three-story, Class A, 84,000 SF office complex overlooking the Saugatuck River in Westport, Connecticut. The Class A designation denotes the newest and highest quality buildings on the market. The complex, anchored by UBS Financial Services, is 94% leased/occupied by multiple tenants.
T2’s borrower, Boston-based Waterway Capital, was prepared to close on their purchase of the property in mid-June with a long-term, fixed-rate, non-recourse lender; however, the lender walked away from the loan on the day of their scheduled closing. T2 was alerted of the opportunity and closed the loan 10-days after receiving the initial financing request. The closing on June 27th, was one day in advance of the quarter-end closing deadline mandated by the seller.
T2’s bridge loan is expected to be paid off upon the borrower recapitalizing the property with a long-term lender.
“We couldn’t have been more pleased with the process,” said Tom Sargent, President of Waterway Capital. “No changes, no surprises, and complete professionalism. T2 stepped up and closed on schedule within a very short time frame and we look forward to working with them again.”
“We’re thrilled to build a new relationship with Waterway Capital,” said Jeff Brown, Co-Founder and CEO of T2 Captial Management. “This investment reflects the ability and speed with which T2 can make smart, growth-oriented investments in communities across the United States with the right partners.”
T2 is an opportunistic, privately held real estate investment firm based in suburban Chicago. Since its founding in 2011, T2 has deployed $600+ million across the entire capital stack and among virtually all property types. The firm has created a niche in swiftly executing investments of $1 – 15 million on transitional properties that require a total capitalization of $2 – 50 million.
For more information, T2 can be reached at firstname.lastname@example.org.
T2 Captial Management
T2 Capital Management