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Brokerage
Posted: June 24, 2013
Trevian Capital funds $15.8 million Chicagoland first mortgage bridge loan
Trevian Capital, a direct lender that provides flexible and reliable short-term bridge loans for commercial real estate opportunities nationwide, has funded a $15.8 million first mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin, IL and South Haven, IN (both suburbs are in the Chicagoland market). Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184 unit, 99% occupied multifamily property and a 138 unit, 95% occupied multifamily property.
"Our ability to offer borrowers dependable and timely financing is the cornerstone of Trevian Capital's bridge lending platform," said Michael Hoffenberg, founder and managing principal. "For this specific deal, the borrower required reliable execution from a lender that not only understood the Chicagoland market and broader Midwest, but also the dynamic circumstances. This deal had a significant number of moving pieces."
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