11-Unit Provo

Value-Add, Multifamily
Amount: $

StackSource arranged financing for the value-add acquisition of an 11-unit multifamily located in Provo, Utah. This acquisition deal was a roller coaster - it started out with the original 11-unit multifamily property located in Provo, UT. Through the course of the acquisition, the Sponsor attempted to add 10 other SFR units the seller was also listing. These additional units turned out to be overpriced and not worth including in the transaction. Because of the multiple iterations of the deal and a demanding seller, multiple financing structures and options were explored to get it done in a difficult lending climate. This took some time, however Director Paul Winterowd was able to secure a very short extension in which they had to close or the Sponsor would have lost significant non-refundable earnest money. Paul was nimble and creative in order to get this one done on time with a local credit union and the Sponsor was very pleased to have closed on time. Earnest Money Saved!

Deal Team

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