Trevian Capital, a direct lender that provides flexible and reliable short-term bridge loans for commercial real estate opportunities nationwide, funded the following three first-mortgage bridge loans totaling $16.925 million:
* Trevian Capital funded a $6.125 million first-mortgage bridge loan secured by a 7-property, 269 unit multifamily portfolio in Sherman & Denison, TX. The purpose of the financing was to pay off and consolidate five existing loans on the properties, fund capital improvements, and rehabilitate the borrower's liquidity and credit in order to facilitate long-term conventional financing.
* Trevian Capital funded a $3.1 million first-mortgage bridge loan secured by a 100% occupied portfolio of office and mixed-use assets in Bloomington, IN. Trevian's time-of-the-essence execution allowed the borrower to maintain a $500,000 principal reduction from the existing lender that would have been clawed back had the matured and defaulted loan not been paid off by August 20, 2014. Trevian's familiarity with the market facilitated its speed and certainty of execution.
* Trevian Capital funded a $7.7 million first mortgage bridge loan secured by a grocery-anchored retail center in Hicksville, NY. The proceeds from the loan enabled the borrower to exercise a time-sensitive purchase option and to reserve funds to construct an additional 9,320 SF of retail space in the near term. Trevian's creative, structured financing will allow the sponsor to maximize their value-add strategy within 12-18 months. Michael Hoffenberg, Founder and Managing Principal, made the announcement: "These three transactions strengthen Trevian Capital's reputation as a creative, reliable and fast-acting financing source for bridge lending opportunities in the middle market, nationwide. All three borrowers in these transactions were local owner/operators, and Trevian was able to leverage its institutional lending platform to provide timely, tailor-made, localized solutions that will empower the sponsors to execute their stated business plans." Tags: