Avant Capital Partners Closes $4,575,000 Multifamily Bridge Loan for Oklahoma City Acquisition/Rehab.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Avant Capital Partners (Avant), a leading New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. commercial mortgage bank, closed a bridge loan of $4,575,000 for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm , OK. The interest-only loan Interest-only loan A loan in which payment of principal is deferred and interest payments are the only current obligation. was secured through Avant's relationship with a community bank at 5.25%. The loan is convertible to permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. upon completion of the renovation and lease-up. The loan was based upon 70% loan-to-cost. "Multifamily financing is not just about Fannie Mae Fannie Mae: see Federal National Mortgage Association. , particularly for properties in transition, so investors and sales brokers who are relying upon that single source of liquidity will be at a relative disadvantage in the marketplace," says Avant's Managing Principal Adam Luysterborghs. Avant Capital Partners, as a nationwide multifamily lender, represents a broad range of institutional investors, including Fannie Mae, and is capable of financing stabilized as well as in-transition assets. This particular property was 40% occupied at the time of acquisition, but was located in a desirable submarket of Oklahoma City and presented the sponsors with an opportunity to turnaround an underperforming asset underperforming asset An asset that earns a lower rate of return than it would be capable of earning if it were properly used. A firm with underperforming assets is a prime target for takeover. Compare nonperforming asset. with substantial upside. The sponsors are experienced multifamily investors with a strong operational presence in the Oklahoma City marketplace. Avant Capital Partners is a multifamily bridge lender with a number of recent closings in Oklahoma City & Dallas. "Many investors are finding value-add opportunities in markets like Oklahoma & Texas and we are providing multifamily loans Multifamily loans Loans usually represented by conventional mortgages on multi-family rental apartments. on a regular basis to good borrowers," says Avant's Chief Underwriter Amy Cheng. "Community banks, such as the one involved with this transaction, are often staffed by experienced commercial bankers with very strong local knowledge. This local knowledge, when paired with a strong project sponsor, can result in a good working relationship throughout the project and a much more informed consideration of risk for properties in transition. In this sense, the bank and the borrowers are equally winners," says Luysterborghs. Click here to view Avant Capital Partners' multifamily financing programs: http://www.avcapital.net/content/multi/index.php. About Avant Capital Partners - Avant Capital Partners is a lender and correspondent for several institutional investors and investment banks and provides commercial mortgages for stabilized and in-transition investment properties nationwide. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion