80% LTC | $3,170,000 | 72 Units |2 year bridge
CIVIC Multifamily recently funded a loan of $3,170,000 for the acquisition and rehabilitation of an asset in the Fort Worth market.
- The borrowers plan on using CIVIC's 2 year bridge loan to acquire the subject property and execute on a value add strategy to cure deferred maintenance and reduce operational expenses through the use of a local property management company.
- Borrowers maintain large Fort Worth portfolio; economies of scale and market knowledge will allow the group to bring this property to its full operational potential.
- Subject property is surrounded by accessible employment centers and is in close proximity to supportive development.
- Rent growth in the submarket has well outpaced the metro average.
- Borrowers maintain strong value add transaction history within the submarket.
- Loan captured 80% of the total project cost.
- Non-interest bearing cap ex holdbacks to cure deferred maintenance.
- Separate interest reserve holdback to capture the first 6 months of I/O payments.
- Underwritten NOI at property stabilization projects a comfortable DSCR for agency financing on the take-out.
- No prepayment penalty after the first 8 months gives the borrower confidence to execute quickly and effectively.