Project Features:
- Debt and Equity Placement for Acquisition
- $13,600,000 Non-Recourse Bridge Loan
- $2,500,000 Equity Placement
Our client had the opportunity to purchase the asset as REO from a private equity firm that had acquired a pool of distressed assets. As is usually the case in these situations, they needed to move quickly to secure the capital stack and turned to RPC for help. RPC secured a $13,600,000 non-recourse bridge loan for the acquisition of this three-property office portfolio located in Allentown, Pennsylvania. The loan features a 36-month interest-only term with a floating rate of the 30 Day LIBOR + 425bps. The loan was underwritten at 75% of stabilized value and 85% of project cost. Additionally, we arranged $2,500,000 of preferred equity that went toward the purchase.