Trevian Capital Funds $47,750,000 Across Three Bridge Loans in 45 days
NEW YORK, Feb. 19, 2015 /PRNewswire/ -- Trevian Capital, a direct lender that provides flexible and reliable short-term bridge loans for commercial real estate opportunities nationwide, funded three first-mortgage bridge loans totaling $47,750,000 in 45 days.
New York, NY - $22,000,000
Trevian Capital funded a $22,000,000 first-mortgage bridge loan secured by a 17,247 square foot, 5-story loft building in the Tribeca neighborhood of Manhattan. The proceeds of the loan were used to pay off the matured existing first mortgage and to fund the conversion of the upper floors into four full-floor residential condos and the reconfiguration of the ground level retail space, cellar and sub-cellar.
Phoenix, AZ - $13,650,000
Trevian Capital funded a $13,650,000 first-mortgage bridge loan secured by two multifamily properties totaling 788 units in Phoenix, AZ. The loan proceeds were used to pay-off a defaulted first mortgage on a property in bankruptcy, which was cross collateralized with a stable core asset in the borrower's portfolio. Trevian assisted the borrower during the bankruptcy process and was pivotal in securing a discounted payoff for the defaulted loan on behalf of the borrower in bankruptcy court.
Baltimore, MD - $12,100,000
Trevian Capital funded a $12,100,000 first-mortgage bridge loan secured by two HUD subsidized senior housing properties totaling 219 units in Baltimore, MD. The loan proceeds were used to retire existing debt and fund a partnership buyout. The buyout was subject to a firm time constraint, which Trevian was able to meet.
Michael Hoffenberg, Founder and Managing Principal, made the announcement:
"These three transactions reinforce Trevian Capital's reputation as a bridge lender catering to the middle market for special situations nationwide. We are adept at getting our arms around complex situations and stories, understanding the underlying real estate and crafting a solution for our borrowers in a timely manner. We are poised for a banner 2015."
Trevian Capital (www.treviancap.com) provides flexible, reliable and timely first-mortgage bridge lending solutions to the commercial real estate industry. Trevian Capital lends to borrowers whose needs do not meet conventional timing and/or underwriting guidelines. Trevian Capital specializes in non-traditional financing where expertise, attention to special circumstances, and certainty of execution are critical.
With roots in Chicago and New York, Trevian Capital lends nationwide.
Contact: Michael Hoffenberg (212) 376-5636; [email protected]
SOURCE Trevian Capital
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