NEW YORK, Sept. 5, 2019 /PRNewswire/ -- Trevian Capital, a direct commercial real estate bridge lender that provides short-term loans nationwide, recently funded five first-mortgage construction-completion bridge loans in the Tri-State area totaling $103,025,000.
Manhattan, NY - $26,350,000 – Residential condo construction-completion and condo inventory loan; $5mm of hard & soft costs remaining
Fairview, NJ - $21,500,000 – Acquisition & Construction loan of a 50% completed multifamily property; $10.1mm of hard & soft costs remaining
Manhattan, NY - $26,000,000 – Residential condo construction-completion and condo inventory loan; $1mm of hard & soft costs remaining
Pompton Lakes, NJ - $6,000,000 – Recapitalization on a free-and-clear 50% completed multifamily asset; $4.25mm of hard & soft costs remaining
Manhattan, NY - $23,175,000 – Residential condo construction-completion and condo inventory loan; $3.5mm of hard & soft costs remaining
"As we continue to expand our special-situations lending platform, we remain focused on doing what we do best, which is quickly making sense of complex situations and thoughtfully structuring loans that help our clients execute their business plans," said Michael Hoffenberg, Trevian Founder and Managing Principal.
"In late 2018 we added a construction-completion lending product to our lineup of bridge debt offerings, which is a natural progression for us. Getting into a deal mid-construction is not only complex, but it almost always entails some time-sensitivity. Our ability to quickly dissect and digest a story, review costs and quality of construction to date, finalize the cost-to-complete budget, and fund the loan all in a matter of weeks allows our borrowers to keep momentum or reinstate a project quickly without having to wait months for a new loan. We are story-driven guys and we are used to rolling up our sleeves and working around hurdles," Hoffenberg added. "If the story makes sense and we believe in the real estate, we will find a path forward. We also service all of our loans in-house, which is a crucial benefit of our product. We can react immediately to any issues that arise and help our borrowers keep a project on track."
Trevian Capital provides construction completion loans for the following primary scenarios:
- Scenario #1: The project encountered delays and cost overruns. Borrower is in need of additional funds to complete construction, close out accounts payable, replenish interest reserves, and bridge through stabilization (rentals) or sale (condos) of the property.
- Scenario #2: The Borrower is purchasing a partially built building from the original developer and needs funds to complete construction and stabilize or sell.
- Scenario #3: The Borrower has self-funded construction with 100% equity to date, but now is running out of cash and needs additional proceeds quickly to complete construction and stabilize or sell.
For a full recap of bridge lending product offerings, visit www.treviancap.com/lending-parameters/.