10 Day Close on 40% Occupied Multifamily for $3,150,000 GSP’s Bryan Shaffer successfully placed the acquisition debt of for a distressed 208 unit multifamily asset that is 40% occupied. The transaction from introduction to funding executed in 10 days.
Challenge: The subject property had been in receivership and was poorly managed. The partnership is a mix of US and international investors with limited US Credit, negating any opportunity for a recourse transaction. The asset is severely distressed, operating at break-even cash flow. The court required a quick close execution upon their approving our purchasers’ bid.
Solution: Utilizing our long-term relationships, market expertise and experience with international buyer, GSP was able to quickly identify the correct lender and close the transaction within the 10 day deadline. This capital source was responsive to the request and quickly became comfortable with the ownership and quality of the asset. Mr. Shaffer structured the loan to allow for an additional $1,000,000 construction budget to bring the asset up to market competitiveness.